Northern communities top 10 most expensive for home insurance
According to the insurance comparison website RatesDotCA, five communities in northern Ontario represent half of the 10 most expensive areas for home insurance in the province.
Based on data collected from its comparison software, the site lists the following areas with the highest estimated annual insurance premiums:
1. Lasalle – $ 2,098
2. Windsor – $ 2,072
3. Kingsville – $ 1,889
4. Amherstburg – $ 1,864
5. Thunder Bay – $ 1,857
6. Timmins – $ 1,821
7. Vivid (Walden) – $ 1,761
8. Essex – $ 1,760
9. Garson – $ 1,747
10. Elliot Lake – $ 1,747
With some of the cheapest areas in the province close to $ 1,000, such as a city like Oakville, website editor John Shmeul said the main cause was the higher levels of claims made in small businesses. rural communities.
There are various reasons for this, he said, including the risks of weather hazards, flooding, sewer backups and break-ins.
“In parts of northern Ontario and in some of the smaller municipalities, you will see higher home insurance rates correlate with higher crime rates and especially property crime,” Shmeul said. .
Water damage claims
The president of PAIB Insurance in Timmins, Dan Ayotte, said water damage claims have been a major cause of rising premiums in recent years.
He said more claims would inevitably lead to higher premiums. Therefore, for people looking to save money, it is best to be diligent about depositing one only when absolutely necessary.
“The fewer claims we have will lower the premiums,” Ayotte said. “Now we are here to pay the claims. So when disaster strikes, that’s why your insurance is there – fire, theft, complete sewer backup. “
Many insurers offer discounts to homeowners who upgrade to avoid sewer backups and break-ins, he said.
Paying a higher deductible and having an emergency fund to use instead of filing a claim will help people save money in the long run, Ayotte said.