By Emma Marshall on April 16, 2010
Estimated reading time: 1 minute

Insurance rates soar over past five years

By Emma Marshall on April 16, 2010
Estimated reading time: 1 minute

It may be time to cut your coverage.

This article is 9 years old. Some details may be outdated.

While it might seem as though your home insurer is taking you for a ride each April, when their rates usually jump, The Globe and Mail reports that they have no choice — claims have soared during the recession with more people using insurance to pay for things like water damages instead of shelling out for the repairs on their own. Home insurance costs rose 10.2% over the past five years, leaving many Canadians desperate to lower their bills. Unfortunately, everyone’s raising rates, so it’s difficult to shop around for a better deal. Instead, experts are suggesting we cut our coverage in order to save. Switching from a platinum to gold package, for instance, is an easy way to see results. Raising your deductible is another popular option.