Home insurers aiming for "climate risk" rating system to deal with extreme weather events

Insurance leaders are meeting this week with experts from Natural Resources Canada to revisit Ottawa's promise – two years ago – to develop a national home rating system to help home buyers and sellers assess the climate risk associated with their property.

That vow was part of Jonathan Wilkinson’s mandate letter when Prime Minister Justin Trudeau named him Natural Resources Minister in December 2021.

From the extreme wildfires this past summer to floods that devastated southwestern B.C. in the fall of 2021, it’s becoming increasingly clear that climate-induced disasters pose a growing risk to homes and businesses across the country.

The cost of extreme weather, in other words, is starting to hit Canadians at home – and could, experts warn, put downward pressure on real estate as buyers and sellers realize the true cost to protect a home has been underestimated due to its climate risk factor.

Global News Climate Change Journalist Kamyar Razavi reports.

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