Ontario homeowners are facing significant increases in home insurance premiums, driven largely by climate change and extreme weather events.
Data shows that average premiums in the province have risen 84% over the past decade, far outpacing the 28% growth in general consumer prices over the same period.
Insured losses from extreme weather reached a record $8.5 billion in 2024, setting a Canadian record. These frequent and severe disasters have increased claims and expenses for insurers, who are passing on the costs to policyholders through higher premiums.
Communities with Notable Increases
Several Ontario cities have seen steep hikes, including:
Huntsville: +19.72%
Markham: +18%
Brockville: +16.77%
Burlington: +15.97%
Ottawa: +14.3%
Belleville: +14.26%
Communities Experiencing Relief
Some areas have bucked the trend with modest rate reductions:
Woodstock: −5.86%
Waterloo: −5.11%
Orangeville: −3.87%
Niagara Falls: −2.67%
Barrie: −2.08%
Lowest Rates
Kitchener recorded the lowest average premiums among nearly 50 communities analyzed, with rates increasing only $7 to $998 per month.
The rising costs highlight the growing impact of climate-related risks on homeowners’ insurance, underscoring the need for risk mitigation strategies and awareness among Ontario residents.
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