Home Insurance Skyrockets in Ontario

Update: see prior post.

Ontarions have already suffered at the hands of Private Insurance Companies who jacked up Auto Insurance up to rates of 19%, with the tacid approval and nod of the Ontario Liberal government. Now, to add insult to injury, home owners have found that Private Insurance Companies in Ontario have jacked up Home Insurance rates an average of 13.1 % the year ending in September, 2009 according to Statistics Canada.

What the Private Insurance Companies jacking up Ontarions Home Insurance rates won’t tell them, is that this 13.1 % increase is double the National average. Double!

It is completely understandable that the Private Insurance Companies operating out of Ontario want to make up for all of their losses in the market that they experienced last year and this year.  They want to recoup their losses on the backs of the consumers.  What is not acceptable, is that they decide to pick the pockets of all Ontarions (who also experienced huge losses last year and this year) who happen to have home insurance and auto insurance.  The Private Insurance Companies are becoming greedier and greedier and exploiting their clients in the process.

Karen Ritchie, vice-president of Baird MacGregor Insurance Brokers LP in Toronto, says some clients in certain postal codes have seen 40 per cent increases.

The Ontario Liberals support insurance companies and the increases that Ontarions are being subjected to. They will take no action whatsoever to limit the huge increases in Auto Insurance or Home Insurance rates that Ontarions are being subjected to, against their will.

In 2006 Statistics Canada reported, under Many Home Costs are Rising “And though falling interest rates have reduced mortgage interest costs by one-tenth since 1992, homeowners have seen insurance costs rise by 76%.…”

See Toronto Star report.

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