Windsor may not have the highest home insurance rates in Ontario, but a recent report from Rates. com indicates that homeowners there are paying 11.5 per cent more than the average across the province.
The report notes that home insurance premiums throughout Ontario have risen by 6.2 per cent compared to last year.
In Windsor, these rates increased by 1.5 per cent over the past year, going from $2,455 to $2,493. The provincial average stands at $2,235.
The main reason for this increase is the risk of flooding, according to the report.
Two postal codes identified as high flood risk areas are N8S and N8X. These areas are prone to flooding from external sources as well as system backups. Other risk factors include wind damage, hail storms, and theft.
Insurance premiums in this region exceed the provincial average. Kingsville has the highest rate at an average of $2,759 this year, which is 23.4 per cent above what’s typical for Ontario.
In Amherstburg, rates are 23 per cent higher at $2,750. Leamington’s average premium sits at $2,747-22.9 per cent above the provincial average-and Essex has premiums that are 20 per cent higher at $2,682.
Source link
