Survey: Cannabis insurance remains a confusing topic for many Canadians

Survey: Cannabis insurance remains a confusing topic for many Canadians

A new survey by rate comparison site has found that many Canadians are still unclear about how insurance works when it comes to cannabis.

The study asked more than 1,200 Canadians questions about liability in cannabis production and insurance.

The survey found that 78.76% of homeowners and 59.44% of renters do not believe their homeowners’ or renters’ insurance would cover cannabis growing-related damages. Meanwhile, 5.0% of landlords believe their insurance policy will have to pay for their tenant’s cannabis growing-related damages, while 28.0% think their policies should not, and a considerable 57.0% say they do not know.

People also seemed split on whether legalization would cause their home and insurance premiums to increase, the survey revealed; 32.56% said their insurance premiums will definitely rise after legalization, while 27.04% said they will not, and a good 40.40% said they do not know.

Ratehub senior business unit manager Matt Hands told Huffington Post Canada that while everyone in the cannabis industry has an opinion on where policies will go following legalization, insurers are not taking the initiative to educate consumers.

“That’s where that uneasiness and that unknowingness is coming from the survey respondents we’re talking to, so that’s the general consensus we’re getting — they just wish their insurance providers would be a bit more forthcoming with them with what’s going on,” Hands said.

Other things the survey found of note include:

  • 69.58% of Canadians believe that getting caught while high on cannabis affects auto insurance premiums.
  • 74.36% of the respondents said that drivers caught while high should be penalized similarly to those caught driving drunk.
  • 80.24% of survey participants said they are not planning to grow cannabis at home.
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