Canadians are taking fewer precautions to protect their property from water damage, even as the number of extreme weather events is on the rise due to climate change, an RBC Insurance survey warns.
The frequency of heavy rain and snow, ice storms and flooding have increased across the country. In some parts of the country, extreme weather events that used to happen once every 40 years are now happening once every six years.
"Canadian agree that extreme weather is on the rise, they've seen more frequent and severe weather events, yet the actually precautionary measure they're going to take to protect their home has declines," said Paula Bandi, a product manager with RBC Insurance.
Damage caused by weather has increased 650% between 2009 and 2012, according to RBC. Despite the fact that water has overtaken fire as the leading cause of property damage, fewer Canadians are taking precautions to protect their homes from flooding. Doing seasonal preparations could lessen the severity of a claim in the case of flooding or other weather damage, Bandi said.
Source: RBC Insurance
Insurers in Canada have seen the direct result of changing weather patterns. From 1983 to 2008, insurance claims from extreme weather averaged about $400 million per year, according to the Insurance Bureau of Canada. But between 2011 and 2013, that number rose to an average of $1 billion per year.
Source: Insurance Bureau of Canada
