Cost of flood insurance going up
Extreme weather due to climate change causing rate hikes
In the summer of 2013, the Greater Toronto Area received five inches of water in a day (as much as the city would normally receive in the entire month, and then some). Five thousand residential basements were flooded and the Insurance Bureau of Canada reported that insured property damage was estimated to be in excess of $850 million, and costs to the city itself were $170 million, making it the province's costliest natural disaster.