How to go about securing the best policy for your insurance in Canada.
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Why your home insurance rates are rising
– moneysense.ca
(Photo illustration by C.J. Burton)At first glance, James Arnold looks like an insurance company’s dream client. The Richmond, B.C., resident has owned his current home for almost two decades, been with the same insurance company for over 15 years, and in all those years he’s never made a claim. At least, not until last year, when a tree fell on his property, clipping his detached garage, and ripping the power lines right off his home. “It was a small claim,” he says, “at a cost of only $3,000 after the deductible.”
He expected his premiums to go up, but the 15% hike his insurance company sprung on him was more than he bargained for. Especially on top of the 7.5% rise he’d endured the year before and the 6.5% rise the year before that. All told, Arnold saw his payments jump up by almost one-third in just three years. “But when I shopped around, I found that rates had gone up everywhere,” he says.
If you’ve noticed that your home insurance costs have been rising too, you’re not alone…
