Spurred by rising costs for water damage as pipes burst and sewers back up into elaborately renovated and equipped basements, homeowners’ insurance premiums have soared this year — and the situation is only going to get worse, insurers warn.

The average cost of water damage claims in some parts of Ontario, such as Hamilton, Peterborough, Ottawa and parts of Toronto, has about quintupled in five years, according to one insurer.

Ontario residents have seen the price of home insurance rise an average of 13.1 per cent during the year ended in September, according to Statistics Canada.

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