Experts warn home insurance premiums to rise due to extreme weather [Video]

A large number of victims of the Los Angeles wildfires were unable to secure home insurance because of living in what were deemed as “high-risk” areas.

Many British Columbians also live under an increased threat of wildfires and there are concerns they too could soon be unable to protect their livelihoods.

Experts warn the premiums for policies are expected to increase significantly this year.

The insurance industry says it’s grappling with record-breaking losses from extreme weather events, labour shortages in construction driving up replacement costs and wait times, and inflation.

“2024 was the most devastating year on record in Canada for severe weather events,” said Jason Clark, of the Insurance Bureau of Canada.

The IBC says there were $8.5 billion in insured losses alone, nearly triple the year prior.

Calgary’s hailstorm, Quebec’s flooding, the Jasper wildfire, and storms and wildfires in B.C. last year all added to that total.

Insurers …