Canada’s wildfire crisis has caused a surge in home insurance costs, however, insurance coverage is still available. Canada wildfires home insurance, The Insurance Bureau of Canada reports that wildfire coverage is commonplace and included in homeowners’ insurance policies, nonetheless costs are rising.
How Quickly Are Insurance Claims Increasing?
Average annual insured losses from wildfires rose from $84 million in 2003-2014 to $706 million in the last ten years. The Jasper Fire of 2024 caused damage to 358 buildings and was responsible for C$1.3 billion worth of insured losses, making it the second most expensive wildfire disaster in Canada’s history after Fort McMurray 2016.
What Is Happening with Premiums?
Severe weather resulted in US$8.55 billion of insured losses in 2024. Between 2020 and 2023, home insurance premiums rose faster than inflation, according to Statistics Canada, and insurance companies expect losses to rise every year.
Will the Coverage Disappear? – Canada wildfires home insurance
The situation in California shows one of the possibilities of this happening. According to the IBC, one out of ten houses in California does not have insurance coverage due to the insurance crisis and, therefore, urges Canadians to learn from the situation. It urges halting construction in areas at high risk of wildfires and floods and making the towns more resilient.
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