Thanks to improvements made over several years, the city of Toronto has managed to reduce its insurance liability.
Officials said the new reduced rating will entice new homebuyers and businesses to the city. Toronto’s various improvements to its local fire department have helped reduce the insurance liability rating from 5 to 4.
"[The insurance liability rating is] used for the underwriting of insurance companies for residential and commercial insurance premiums,” Toronto Mayor John Parker told WTOV Fox. “And by dropping, that [creates] significant savings for tax payers and business owners here in the City of Toronto."
"It's based on three criteria: communications, water supply and the fire department,” explained Toronto Fire Department chief Bill Scheel. “With the addition of the 9-1-1 center, the new water plant and supply lines and training here at the fire department, we were able to drop from a 5 to a 4."
Officials have added that the upgraded mapping system – which displays exact fire hydrant locations – along with new equipment for the station have also contributed to the city’s improved rating.