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Why property insurance rates are rising in Canada

We’re here to help protect what matters to you. Did you know? Many external factors influence what you pay for your coverage. Industry-wide, these are some of the reasons you’re seeing today’s cost of insurance:

Natural disasters

Increased frequency and severity of floods, hailstorms, tornadoes, and wildfires lead to more claims.

Higher building costs

Skilled labour shortages and increased prices for construction equipment and materials drive up repair costs.

To ensure we can look after you when you need us most, we adjust our prices to keep up with rising claims costs.

Wawanesa is a Canadian mutual company, owned by its members – like you.

While you may not have had a claim recently, other members have.

We use the money we collect in premiums to pay member claims, provide excellent service, and support our communities.

$590 million

paid in personal property claims annually

Wawanesa provides property insurance coverage from coast to coast through our broker partners.

Find a broker

How to keep insurance costs affordable

Even with rising rates, you can still lower your insurance costs. Contact your insurance broker to review your coverage and discuss potential ways to save (Subject to regional availability):

  • Bundle insurance

    Buy home and auto insurance from Wawanesa for potential savings. Learn more.

  • Report home updates

    Tell your broker about home updates like a new roof or upgraded electrical, heating, or plumbing systems.

  • Install a security system

    A monitored security or fire alarm system could qualify for a discount.

  • Protect against water damage

    A water leak detection system could reduce potential damage. A mainline backwater valve could qualify for savings.

  • Stay loyal

    Renew your insurance with Wawanesa for a loyalty discount.

  • Mortgage-free

    Report if you’ve paid off your mortgage for possible savings.

  • Review coverage options

    Get coverage guidance from your insurance broker.

  • Continuous coverage and claims-free history

    Maintain continuous coverage and a claims-free record for savings.

  • Consider claim size

    Cover small damage costs yourself to keep your claims-free discount.

  • Purchase Claims-Free Protection

    Protect against premium increases after a claim.

  • Increase deductible

    A higher deductible lowers your annual premium cost. You only pay the deductible if you submit a claim.

Tip: Regular home maintenance can prevent costly repairs and future claims.

Your insurance broker is there to help answer questions and manage your coverage.

Find a broker

Do you need to make a claim? We’re here to help 24/7.

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or call us at 1-844-929-2637