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Get the skinny on savings

Before you delve into the reasons rates are going up, take a look at this short video to see what you can do to save on your home insurance.

Some factors are beyond your control

Even if you’ve had no tickets, no accidents, and no claims, you could see higher premiums than you might expect.

  1. Extreme weather events and catastrophes are more frequent. As forest fires, floods, storms, and other weather events become more frequent, they cause extensive damage, resulting in more costly claims.
  2. Municipal infrastructure is getting older. Outdated municipal infrastructure and a higher demand for water make sewer backups more frequent, resulting in more damage-related claims.
  3. Neighbourhood trends might put you at greater risk. When neighbourhoods grow, demographics and risks change. For example, if there is a new commercial development near your home, or a new subdivision emerges, this might alter municipal infrastructure. These are factors insurers look at when assessing risk.
  4. Emergency services, skilled trades, and personal belongings are more expensive. As with any goods or services, inflation means higher prices for things like emergency services and labour costs for repairs. That means paying for claims is more expensive, too.
  5. Some new features are eco-friendly, but not budget-friendly. Eco-friendly features like solar panels, energy efficient windows and doors, and high-efficiency appliances are a great choice for our environment.  It is important to realize that if damaged, they could result in more expensive repairs.
  6. Modern homes cost more. Rising home prices and more homes with high-end features (like pools and hot tubs) drive up replacement costs and liability claims.
  7. Finished basements need more coverage. Since they’re made with higher-priced building materials, finished basements cost more to repair if there’s a sewer backup or other damage.

How to save


10 ways to save on home insurance

We’ve got some of the best money-saving tips to help you get the right home insurance coverage at the right price.
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Link to results for: Home insurance

10 home insurance discounts that could lower your premium

There are lots of ways to save on home insurance, from making some improvements around your home to opting for a higher deductible. But if you’re wondering how you could further reduce the cost of your home insurance, be sure to ask your broker about...
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Link to results for: Home insurance

Curious about the top reasons for car insurance rate increases?

See the list


If you have complex insurance needs and you’ve added extra coverages to your policy, or increased your limits, the Above & Beyond home insurance bundle could help you get better value for your money. Available exclusively to Economical home and condo insurance customers, the Above & Beyond bundle includes:

  • First claim forgiveness
  • Replacement cost coverage, even if you decide not to repair or replace damaged or destroyed property
  • Higher Personal Belongings Special Limits
  • Higher limits for Condo Special Coverage
  • Waived deductibles on claims over $10,000

Note: there are some conditions on these coverages — be sure to review your policy wordings for full details.

With rates increasing industry-wide, Economical home and car rates align with industry standards, making us a competitive choice. Most importantly, we back up our product offerings with dedicated claims service, meaning that we’ll always be there for you — at renewal, during a claim, and in between.

With a 91% customer satisfaction score in post-claim surveys, Economical has a proven track record of putting customers first. And, with a team of more than 600 claims specialists, you’ll get the 24-hour service you deserve.

Questions? A broker can explain more

Your licensed insurance broker would be happy to provide more details. And if you don’t already have one, we can help you find a broker near you!

Find a broker now