The Globe and Mail reports in its Thursday, March 6, edition that Canadian homeowners may see higher home insurance premiums upon renewal due to new U.S. tariffs increasing costs for building materials and appliances. The Globe's Clare O'Hara writes that Insurance Bureau of Canada spokesman Brett Weltman says the tariffs placed by President Donald Trump on building materials such as aluminum, steel and lumber will add extra costs for insurers to the goods used in replacing and repairing homes, cars and businesses. He says, "Over time, tariffs will hurt consumers and families on both sides of the border." Construction costs are one factor used by insurers when determining premiums. Intact Financial insures nearly three million homeowners in Canada. Spokesman Caroline Audet notes that building materials make up a third of property insurance costs, while the remaining two-thirds includes labour, temporary relocations and business interruptions. Currently, about 25 per cent of materials are sourced from the U.S. Ms. Audet adds, "That means that only approximately 8 per cent of total costs would be potentially exposed to the proposed tariffs, so we are confident that the overall impact on our business would be limited."