North paying high home insurance rates

Report shows north has high home insurance rates South Porcupine, east of Timmins, places fifth on a list from Rates.ca showing highest home insurance prices in Ontario.

According to a report from RATESDOTCA, some of the most expensive cities for home insurance are in northern Ontario.

Places like Kapuskasing and Elliot Lake are paying some of the highest home insurance premiums in all of Ontario, with Elliot Lake's rates up 15 per cent over last year.

South Porcupine, just east of Timmins, placed fifth on the list of highest home insurance costs with a premium of about $2,046 a year, up three per cent from 2021.

Foleyet, west of Timmins, and Val Caron in Greater Sudbury are also on the list.

Officials with RATESDOTCA said extreme weather, supply chain issues and inflation are all factors in the higher prices.

“When you work in the industry, it’s keeping your client knowledgeable as well. There’s a trust and being able to explain to them what those coverages include and, you know, what they’re getting, their bang for their buck,” said Amy St. Amour, an insurance agent in Timmins.

"At the end of the day, includes, because in the event of a loss if you find out you got a good price but you didn’t have the proper coverage, that’s usually when things fall apart."

It is important for homeowners to re-evaluate their insurance policies from time to time and consider who their agent is, insurance officials said.

With weather issues, such as flooding and fires, having water protection and being situated near fire hydrants will have an impact on the bottom line.