Quote:
Originally Posted by SofaProfessor
The number of people in this thread that think this lawsuit will materially affect the cost of insuring their beige 2011 Corolla is kind of funny.
The Fort McMurray wildfire cost insurers more than $3.5 billion. I literally just went back to my first home policy I bought the year before that and it was actually more than what I pay now. $125 million lawsuit, if they lose, is probably nothing to them. Worst case scenario you might see $1 extra per month "Calgary Flames Surcharge" on your next renewal. An annual hail storm over Calgary is more of a concern than a one time lawsuit by a hockey team.
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I do remember my condo insurance increasing quite a bit after the Calgary floods. I went to three different insurers and each said it had to do with my postal code / location. I was untouched by the flood
There was also a huge increase in snow removal insurance due to increased litigation just recently covered in the news.
But this policy/issue is not location or industry specific so the loss / premium would likely get spread out over the entire industry.