An Update on Home and Auto Insurance Rates in Ontario

Insurance costs are always fluctuating based on a myriad of factors, as anyone on the lookout for the best insurance rates can attest to. We’ve recently seen some shifting with the pandemic, as we discussed here for auto insurance . So now that we are slowly settling into a new normal, let’s take a look at some of the recently released numbers around insurance and see where things stand in our province with home and auto insurance rates.

Ontario auto insurance rates

Generally speaking, across Canada there has been a downward trend in auto insurance rates when comparing Q1 to Q2 of this year, as well as comparing 2020 to 2021.

The good news is that Ontario came out on top in Canada for the biggest decreases in auto insurance premiums, with an average decrease of 13.5% year on year. There was a hope that there would be cheaper rates available thanks to the shifts we saw with the pandemic (we talked about that here )and it seems that that is panning out.

Source for auto insurance rate information in this post – Canadian Underwriter.

Ontario home insurance rates

Generally speaking, across Canada home insurance saw small increases year on year (2020 vs 2021) as well as Q1 vs Q2 for this year.

In Ontario however, we did actually see a small decrease in home insurance premiums – down 1%. One possible explanation is the fact that when home owners are around more, a trend that we have seen during the pandemic, there is less potential for losses. It is, however, important to keep in mind that this decrease could be short-lived as factors such as costs of building materials (such as lumber), environmental disasters and higher rates of home renovation could work to drive rates higher. (As it turns out, these factors have indeed come to a prediction for higher home insurance rates in Ontario for 2022 – an increase of 5% on average is expected. Learn more here.)

If you live in a condo and are hoping that this information also applies to your coverage, unfortunately the situation for condo insurance continues to be marred by rising rates (as we talked about in this post). Ontario saw condo insurance rates rise about 9% (to offer a small silver lining, this increase is lower than other parts of the country).

Source for home insurance rate information in this post – Canadian Underwriter.

Resources referenced from the Canadian Underwriter:

As we mentioned, there are so many factors that come into play when it comes to how insurance rates are set. Check out some of these resources with more information about costs in insurance and how to get the best rates possible…

~ What Is Happening with Rising Condo Insurance Rates?

~ 10 Ways You Can Get Cheaper Car Insurance Rates

~ How to Get the Best Insurance Rates

~ 4 Factors that Affect Car Insurance Rates in Ontario

If you have any questions at all about your insurance costs and how to get the best insurance rates possible, reach out to our team. Our goal is to save you money and connect you with the best coverage for your needs. Looking for an online quote? Head here for home insurance and here for auto insurance.