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As with everything else in life, the cost of home insurance has skyrocketed in recent years.
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According to a HelloSafe survey earlier this year, the average home insurance premium in Ontario is up 88% since 2015, when premiums averaged $791.
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The survey, which polled 1,567 people across Canada, said the most notable jump in rates in Ontario occurred between 2021 and 2022, which saw a 16% surge from $1,282 to $1,467.
The financial product comparison site says the $1,487 average premium for Ontario homeowners leads Canada, according to 2022 data shared by Ratehub. Saskatchewan ($1,100), Manitoba ($1,032), Alberta ($1,000) and Quebec ($984) round out the top five. The Canadian average is $960.
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The rise in rates coincides with the rise in the average cost of a home insurance claim, which jumped from $9,920 in 2015 to $14,177 in 2020, an increase of 42.9% over five years.
However, the survey found the vast majority (84.5%) of those polled were satisfied or very satisfied with their current home insurance.
“The results of this survey speak volumes about the positive relationship between Canadians and their home insurance,” Alexandre Desoutter, editor-in-chief for HelloSafe, said in a news release.
“The desire to protect their property is clearly in evidence, demonstrating the maturity and responsibility with which Canada residents approach managing the risks associated with their homes.”
The survey also found more than half of homeowners are motivated to take out insurance for their property to protect from fire and liability claims, while 40.6% want protection from water damage and 37.5% are worried about theft.
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