October 30, 2018 4:29 pm Published by

home insurance, suprised Home Insurance London Ontario

Home Insurance rates in the London Ontario, Strathroy region are rising. Have you opened your last insurance renewal and discovered that there has been an increase? . Click here to get your quote! . Do you know why it has increased? What is your Insurance Broker or Agent telling you when you are questioning the rates? . Well, I hope they have taken the time to find out before your renewal is sent to you, so that they are prepared for your phone call or email, or better yet, they give you a heads up. . Reasons it may have increased. . The first reason is that you are most likely insured with a company that offers insurance across Canada. The down fall to this is that any major weather events that occur across Canada, directly affect your rates here in London, Strathroy and the surrounding region. Is that fair? Well, I would think that you want to know that your rates are going to stay consistent, especially if you are a young family that has a budget to follow. Should you have to be penalized for the losses of others in different provinces? That’s not Local Insurance! . The second reason rates are rising are an overall increase in losses, the main peril that is causing issues right now is Water. So water losses happening in the home outweigh fires in terms of frequency. In the London, Strathroy region, the industry experiences many claims for sump pumps failing, appliances that have a water line that breaks or ruptures and causes damage, and water coming in the home during or after a rain storm. With the flooding coverage offered in Canada, we now have increased coverage for water getting in to your home, thus leading to a higher number of claims. . There is a third reason Home Insurance in London Ontario and surrounding areas increase each year is due to an Inflation Factor added to the value of your home each year. In order to ensure companies are keeping up with the construction costs, most will add a 3-5% inflation factor which would increase the value of your home each year. This is a proactive approach in making sure that you are properly protected in the event there is a total loss on your property. .

You deserve answers.

Speak with your Insurance Agent or Broker to understand the changes. Remember you do have options, with getting a quote with an Insurance Agent in the London, Strathroy Region. . Stay local and receive the rates and service you deserve! .

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