Homeowners in Saskatchewan are set for insurance increases according to a broker in the province. Bill Schwandt of Hoffman Kool Insurance in Saskatoon told the CBC that insurers have suffered large losses from natural disasters such as floods and wildfires and are now charging for items that they did previously not.
"When you start seeing insurance companies who, four or five years ago, didn't charge anything at all for sewer backup coverage and now they're charging $200 to $300 for it, that's a big increase over a short period of time," he said to the CBC.
Schwandt said that some homeowners will receive discounts while others, even in the same neighbourhood, may not. This may not relate directly to claims history or actual risk to the property.
"When you start seeing insurance companies who, four or five years ago, didn't charge anything at all for sewer backup coverage and now they're charging $200 to $300 for it, that's a big increase over a short period of time," he said to the CBC.
Schwandt said that some homeowners will receive discounts while others, even in the same neighbourhood, may not. This may not relate directly to claims history or actual risk to the property.
