Windsor may not have the highest home insurance rates in Ontario, but a recent report from Rates. com indicates that homeowners in the city are shelling out 11.5 per cent more than the provincial average.
The report highlights that home insurance premiums throughout Ontario have increased by 6.2 per cent compared to last year.
In Windsor, premiums rose by 1.5 per cent from $2,455 last year to $2,493 this year. The average cost across Ontario stands at $2,235.
The main reason for the higher costs in Windsor is attributed to flooding risks.
The report pointed out two postal codes, N8S and N8X, which are considered high-risk for flooding due to external sources and system backups. Other factors such as wind damage, hail, and theft were also mentioned as contributing risks.
Insurance rates in the area surpass the provincial average. Kingsville recorded the highest rate this year at an average of $2,759-23.4 per cent above the provincial norm.
Amherstburg’s rates are 23 per cent higher at $2,750. In Leamington, the average premium reaches $2,747 or 22.9 per cent above the provincial figure, while Essex sees premiums that are 20 per cent higher at $2,682.
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