Toronto homeowners typically rent out storage units when their possessions are taking up too much room in their living space, but they also use them to protect their valuables. So if local residents' basements have a history of flooding, they may want to take what's down there and put it in storage to be on the safe side.
That's because according to data from Aviva Canada, 40 percent of all home insurance claims are related to water damage. And what homeowners spend to repair that damage has been particularly costly in the Toronto area.
Data compiled by Aviva reveals that in Ontario alone, the average cost a homeowner incurs due to water damage has risen 182 percent over since 2000, third only to British Columbia and Alberta.
Wayne Ross, vice president of property claims for Aviva Canada, says the increased cost is due to an increase in severe rainstorms and homeowners spending more money to refurbish their basements, the portion of the home that usually bears the brunt of damage.
Renting out a storage unit to hold furniture or expensive valuables during flood season provides an extra layer of protection and peace of mind to homeowners.