With global temperature rising and extreme weather becoming the new normal, ballooning insurance premiums and shrinking coverage are hitting Canadians hard. Basement floods and severe winter storms have brought the financial fallout of climate change home—it is no longer a hypothetical. …“The fact that every insurance company has climate scientists on staff and insurance companies are all pricing in climate risk; there is no financial incentive for them to do that if it wasn’t real,” said Dr. Kate Marvel, a NASA climate scientist. If climate change were a hoax, insurers would simply undercut one another, offering cheaper coverage and dismissing long-term risk, Marvel explained. Instead, they are doing the opposite; quietly rewriting the rules of risk as extreme weather becomes more frequent, more destructive and more expensive. …The question is whether governments will act quickly enough to adapt to a warming climate and confront who pays for the damage when they don’t.