A new report by Rates.ca shows insurance premiums could increase after a flooding claim, but experts say it could be more cost-saving than if you have no coverage at all.

The report, released Monday, shows a single water damage claim in Ontario can raise home insurance premiums by an average of $376 annually, or 19 per cent.

“We’re seeing flooding all throughout Toronto and the GTA, everywhere in Canada is being hit with climate change in different ways and what that means is obviously more claims, more expensive claims associated with it,” said Daniel Ivans, Rates.ca’s insurance expert and a licensed broker.

“We see obviously inflation and other things driving the cost of claims because the cost of labour is increasing, the cost of parts and parts shortages and all of these things

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