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Why is my home insurance premium going up?

By Emma Leclerc|3 min|August 2021

Have you noticed an increase in your insurance rates lately? There are many reasons for this increase, whether you have control over it or not.

You've made renovations to your home

Renovations can increase the value of your home. So, if the value of your home is higher, the premium will consequently be higher as well. However, it should be noted that some renovations, such as upgrading your plumbing or switching to an electric heating system, can actually reduce the premium.

Your claim history

Many insurers reward their clients who have not experienced any claims for a certain period of time. So, if you have made several claims over a period of time, the insurer may increase your premium to offset the cost of processing them.

Extreme weather events and natural disasters are occurring with greater frequency across the country

Because extreme weather events, such as forest fires or windstorms, are occurring more frequently, insurers need to increase insurance premiums to be able to pay the resulting claims.

Depending on your location, you may be more likely to suffer a loss

Your insurer will assess your situation and may increase the cost of your insurance if it believes that homes in your area are more likely to suffer a loss due to an extreme weather event, for example, or a break-in.

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