Not only have homeowners been faced with rising mortgage rates this year, but they’re also looking at increased home insurance as well.
According to Statistics Canada’s Consumer Price Index, homeowners’ home and mortgage insurance increased 8.4 per cent from May 2021 to May 2022. In Ontario, specifically, home and mortgage insurance jumped 8.2 per cent.
Ratehub.ca pegged home insurance in Ontario, as of March 2022, at $1,408 a year compared to January 2021, where it was about $1,250 a year. The company also estimated that the most expensive premium for a policy was $9,503 and the lowest premium was $446. Ratehub.ca pulled this data from more than 2,000 users that compared home insurance quotes.
Amid soaring inflation, adding higher home insurance rates to the mix can feel like “a lot all at once,” says Matt Hands, director of insurance at Ratehub.ca.
Homeowners may have been…
