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March storm in Ontario tops $25m in insured damage

Staff writer |
Insurance Bureau of Canada (IBC) reports that the cost of insured damage caused by the ice storm that swept through Southern Ontario between March 23-26 is estimated at more than $25 million.

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This is according to the preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ).

​While the storm hit many areas, Fergus, Orangeville, Barrie, Newmarket and surrounding areas were particularly affected by the storm. Strong winds and freezing rain toppled fences, trees and power lines, and left hundreds without power.

"Extreme weather events that used to happen once every 40 years now occur every six years, and have been increasing in severity," said Kim Donaldson, Vice-President, Ontario, IBC.

"In recent years, we've seen first-hand the impact that these storms can have, and the damage they do to our homes and businesses."

Canadians, governments, businesses and the insurance industry recognize the toll that severe weather events are taking year after year. IBC has made adapting to severe weather a priority because it's a phenomenon that continues to affect families and communities.

"One way to be better prepared is to understand your insurance coverage options," Donaldson added.

"Know what's in your insurance policy, and research ways to reduce your property's vulnerability to damage."