Insurance premiums not rising for pot yet, says Regina company

It’s legal to grow up to four marijuana plants in a household and a Regina insurance company says those who decide to do so shouldn’t have to worry about higher premiums as long as they stay within that limit.

Rob Barlow from Dusyk and Barlow Insurance says cultivating cannabis indoors carries electrical hazards from lighting and risk of mold from irrigation. However, he says that risk is low.

But that doesn’t mean the industry isn’t keeping an eye on the practice.

“They are trying to keep track of it, which means they’ll monitor losses that may result from the lighting that’s required or the moisture that’s required to help them grow,” Barlow said Wednesday.

“If there’s an inordinate amount of claims that results from directly caring for the plants, I suspect that could affect premiums going forward.”

Of course, if somebody was tending to more than four plants, that would be illegal and could result in a claim being denied, Barlow said.

He added that his company has a few dispensaries as clients but, so far, they haven’t made many claims.

Barlow credited tight regulations.

“The stipulations required for protection in the building, security, is pretty stringent. If they’re adhering to that, that’s really going to help mitigate claims,” he said.