Thank you, Mr. Speaker. I want to echo some of the comments of my colleague from Frame Lake from our last sitting in the fall of 2024 and some from his predecessor from the last Assembly. Extreme jumps in home insurance costs are a serious issue for many constituents, and I'm left wondering what the GNWT can do to help mitigate these rates from rising out of sight.
The Minister of MACA noted last fall that the GNWT is part of a federal working group that's looking at ways to address problems with obtaining insurance coverage due to flooding, at the very least, and that NWT Association of Communities is also part of this group. This might be a good first step, but now folks who already have insurance are receiving renewals that are skyrocketing their costs and impacting family budgets.
Mr. Speaker, when such renewal came to my mailbox a few weeks ago, my family's home insurance went up by 82 percent compared to last year. After careful review, it's entirely due to the fact that my home is located in the Northwest Territories. I did not take out a claim against my insurance when we evacuated in 2023, Mr. Speaker. I'm highly fortunate that my spouse's family lives in Alberta, and we could stay with them for the duration. There's no other reason for this cost except our location.
I'm lucky, Mr. Speaker. My family's costs are relatively low, and we can still afford this jump; however, I'm concerned for homeowners who might not be so lucky and folks in my riding who are tenants, and there are many, whose landlords might be increasing rental rates to partially recoup costs. In recent weeks, a local friend of mine had a conversation that leads me to believe that 50 percent home insurance jumps are the norm right now.
Mr. Speaker, I tried to read the Insurance Act the other night, and that was a mistake. It's very dense. But from what I can glean, we really don't have many regulatory powers surrounding the insurance industry. What I hope we do have is a Cabinet who will advocate on behalf of Northerners in the face of yet another cost of living pressure. Sometimes it feels like we can never catch a break. Mr. Speaker, I'll have questions for the Minister of Finance. Thank you.
Thank you, Member from Great Slave. Members' statements. Member from the Deh Cho.
