How to go about securing the best policy for your insurance in Canada.
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Canada’s home insurance safety net is starting to fray at the edges as the costs of extreme weather continue to rise. While competition is still healthy, and the country has so far avoided the coverage deserts growing in the United States, insurers are paring back policies in a variety of ways to adapt.
Raising premiums above the rate of inflation—sometimes steeply above—has been a common response, but experts say insurers are also increasingly excluding coverage of some risks, raising deductibles, and reducing their exposure to higher risk areas.
As Morningstar DBRS said in a November report: “The Canadian market is showing early signs of coverage tightening.”
Insurers trim exposure in severe weather zones
While insurers haven’t withdrawn from areas entirely, some have thinned their exposure.
“We’ve rebalanced in some of the higher severe weather regions,” said TD chief executive Raymond Chun during the bank’s most recent earnings call…
