2018-05-13 11:45:03 UTC
`This is a huge shock to us': What climate change means for home insurance
* Here's how much climate change can cost homeowners in damages
* Ice storm slams southern Ontario
12 May 2018 6:00 am
[image] Leanne Johnston's backyard after the wind storm that hit Toronto
on May 4.
When Leanne Johnston considered home insurance options for her brand
new home some 6 years ago, a $5,000 deductible seemed to make a lot
of sense on $2 mn worth of coverage.
Coming up with that kind of cash wouldn't have been an issue at the
time, Johnston, who works at a benefits consulting firm, told Global
News. And her parents' advice echoed in her head: "Never ever make a
claim" -- unless you absolutely have to.
Johnston reckoned she might never need to use her insurance, anyways.
But that all changed on May 4, when a freak windstorm ripped through
the Greater Toronto area including Johnston's backyard near the
Scarborough Bluffs, at the eastern end of the city.
Johnston and her husband came home to find that the wind had uprooted
four out of their 5 large, healthy trees. In falling, they had
smashed a 100-foot fence as well as the family's shed and a large
With 2 kids in daycare, $5,000 suddenly seemed like a lot of money to
pay to get the insurance to kick in.
"This is a huge shock to us," Johnston told Global News.
Expect to make more frequent claims
Many Canadians may soon experience what Johnston is going through,
experts told Global News.
With extreme weather becoming more and more common, the probability of
having to make several, relatively lower-value insurance claims is
going up, according to Blair Feltmate, head of the Intact Centre
on Climate Adaptation at the University of Waterloo. And so is the risk
of living through a life-wrecking event, of the kind that makes
$100,000 worth of damage to your basement, he added.
"The weather and experiences of the past are [no longer] a predictor of
the weather and experiences of the future," Feltmate told Global News.
Homeowners should opt for policies with lower deductibles and higher
coverage limits, he said. The math will likely work in your favour even
knowing that your premiums rise after making a claim, he added.
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Mike Hudema @MikeHudema 12 May 2018 12:49Z
Temperatures at the north pole are 30-35 degrees above normal. That's not
good: https://buff.ly/2KLKcxm #ActOnClimate #climate #energy #cdnpoli
Assaad Razzouk @AssaadRazzouk 12 May 2018 13:43Z
Accumulated Gross CO2 Emissions 1750-2013:
Top 10 Countries (Gigatons of Carbon)
1 USA 102.65
2 China: 44.90
3 Russia: 28.87
4 Germany: 23.56
5 UK: 20.92
6 Japan: 15.29
7 India: 10.87
8 France: 9.93
9 Canada: 7.94
10 Poland: 6.96
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