Can extreme weather conditions really impact my home insurance policy?

While Mother Nature may not be directly plotting to drive your home insurance premiums up, the fluctuating weather patterns are certainly affecting your insurance policies in different ways:

1. Extreme weather conditions are steadily increasing Canadian’s insurance premiums. From vicious rainfall to hail storms mid-summer, the changing weather patterns have caused insurance companies to adjust their deductibles and sub-limits. Insurance companies have been faced with a higher volume of weather-related claims, driving the costs up for policyholders.

1. Materials used to build and renovate homes. Insurance companies are constantly revaluating their policies to meet the uprising standards of building materials and precautionary measures in new developments. Aging infrastructure is a large factor to insurance coverage, which is why homeowners should be cautious to policy renewals matching their current home condition.

1. Unknown insurance logistics are catching homeowners off guard. Many homeowners are shocked to find out what really is and isn’t covered. With the increase of finished basements and flooding occurrences a recent remodel that hasn’t been claimed with insurance could mean little to no compensation for that new media room in the event of a flood.

 Cars, homes and personal property have been demolished from collapsing trees, severe flooding and strong winds. Keep your insurance up to date and ensure your policy covers all that makes your house your home.