• Increase Font
  • Decrease Font
  • Greyscale
  • Highlight Links
  • Regular Font
  • Reset
Wyatt Dowling Insurance Western Financial Group
Click for accessibility options
  • About Us
    • Careers
    • Questions
    • Testimonials
  • Business
  • What We Offer
    • All
    • Car IconCar/Truck
    • Business IconBusiness
    • Business IconHome
    • Life IconLife
    • Boat IconBoat
    • ATV IconOff Road
    • Renter IconRental
    • Travel IconTravel
  • News
  • Find Us
  • Contact Us
Autopac logo

menu

Get a Quote phone Call Us

  • Get a Quote

phone Call Us

The Wyatt Dowling way

Can Inflation Impact My Home Insurance?

September 6, 2022

Inflation is affecting home insurance because it’s increasing the cost of expenses associated with owning and renting property. These expenses are paid by insurance companies when homeowners make claims on their home insurance and usually lead to higher home insurance premiums.

Talk to your Wyatt Dowling insurance expert about getting home insurance at the right value for your needs. We have the knowledge and expertise to guide you through this process.

Inflation is affecting home and mortgage insurance rates

All provinces saw an increase in home and mortgage insurance rates in the latest consumer price index.

Ontario had the highest home and mortgage insurance rate increase at 6.1% and an inflation rate of 7.9%. Quebec was a close second with a 5.9% increase in home and mortgage insurance rates and an 8% inflation rate.

Manitoba had the third highest home and mortgage insurance rate increase at 4.8% and an inflation rate of 9.4%. Newfoundland and Labrador had the lowest increase in mortgage and home insurance rates at 0.3% and an inflation rate of 8.2%.

Your Wyatt Dowling home insurance expert will answer any questions you may have about home insurance and what policy is right for you.

Minimize the effect of inflation on home insurance

Because inflation affects home insurance rates, Canadian homeowners should do what they can to keep their home insurance affordable.

  • Update your insurance every year and eliminate coverage you do not need.
  • Do not over-insure your home and personal property.
  • Increase your deductible but keep it affordable.
  • Maintain your home.
  • Bundle your home and car insurance.
  • Allow a credit check.
  • Install a security system.
  • Pay premiums annually instead of monthly.

The Consumer Price Index and shelter inflation

The Government of Canada calculates inflation rates with the Consumer Price Index (CPI) every month, which tracks different categories of goods and services in a “basket” as they fluctuate in price. One of these categories is shelter, which tracks changes in property expenses like home insurance.

The latest data is from June 2022 and shows that home and mortgage insurance rates went up by 4.9% when compared to a year ago. Other property-related expenses also increased. Home replacement costs went up by 10%, maintenance and repairs by 7.2%, and rented accommodation by 4.3%.

All of these expenses affect home insurance rates because insurance companies must pay for them when homeowners make home insurance claims. Homeowners can expect their home insurance rates to increase in the long run.

The June 2022 Consumer Price Index can be found here:

https://www150.statcan.gc.ca/n1/daily-quotidien/220720/dq220720a-eng.htm

Wyatt Dowling insurance experts are available now in branch or on the phone to help you navigate the home insurance journey that will give you the right policy for your situation.

Other News
What Insurance Do Retail Businesses Need?
What Insurance Do Retail Businesses Need?

Should Homeowners Get Overland Flood Insurance?
Should Homeowners Get Overland Flood Insurance?

Does Boat Insurance Cover Severe Weather?
Does Boat Insurance Cover Severe Weather?

Auto Insurance

Auto

Recreational Vehicle Insurance

Off-Road Vehicles

RV Insurance

RV

Marine Insurance

Marine

Business Insurance

Business

Home Insurance

Home

Renters Insurance

Renters

Travel Insurance

Travel

Wyatt Dowling Insurance

Western Financial

Connect with Us

1-866-245-2779

  Find nearest location

Insurance Choices

All
Auto
Business
Home
Life
Boat
Off-Road
Rental
Travel
General inquiries

Our Company

About Us
FAQ
Careers
Terms of Use
Privacy Policy
Complaints Process
Accessibility Guidelines
Customers Fair Treatment
Western Financial Group
Western Foundation
Western Coast Insurance
Sitemap

Get a Quote


© 2025 Wyatt Dowling Insurance Brokers. All Rights Reserved. Wyatt Dowling is a division of Western Financial Group