If your home insurance premium has gone up recently, you’re not alone — and you’re not imagining things. While premiums are always influenced by personal factors like property value, location, and claims history, broader trends are now playing a major role in pricing.
One of the biggest drivers? Severe weather events. In 2021 alone, natural disasters cost Canadians—including governments, insurers, and taxpayers, over $2.1 billion. To offset these major losses, many insurers have raised premiums by 15–20% (
1). But the changes don’t stop there.
Many policies now come with:
- Higher deductibles for weather-related claims (up from $1,000 to $2,500 as example)
- Extra fees to include coverage for sewer backups or overland flooding
- Caps on how much will be paid out for certain types of weather damage
Some insurance providers are even removing specific coverages from standard policies altogether, requiring homeowners to opt in and pay more for adequate protection.
Another major factor in rising premiums is the increasing cost of rebuilding and replacing property. Building materials, labour, and household items, such as appliances and furniture, have all increased in price over the past few years. This drives up the replacement cost of your home and its contents, which in turn raises the amount of insurance coverage required—and the premiums to match. What may have cost $300,000 to rebuild in 2019 could now cost $400,000 or more.
If you’re unsure about your current coverage or concerned about a premium increase, we’re here to help. Gather your documents and give our team a call at 519-736-8228 to review your policy and ensure you have the protection you need, without paying more than you should.