Here's what we check in 2 minutes.
Why your premium probably went up (even if you had no claims)
Premium increases in 2026 are driven by macro factors that have nothing to do with you personally:
- Climate-related claims surged: The 2024 Toronto floods ($990M), Calgary hailstorm ($2.8B), and Jasper wildfires ($1.1B) reshaped Canadian insurance economics. Even if you live in Halifax, you're paying for these claims.
- Rebuild costs inflation: Construction materials, labour, and contractors have increased 15-25% since 2022. Insurers automatically increase your dwelling coverage — and your premium with it.
- Reinsurance market shifts: The companies that insure insurers (reinsurers like Munich Re, Swiss Re) raised rates 20-30% in 2025, and that gets passed to you.
None of these are negotiable on a personal level. But what is negotiable: how your insurer applies these increases to your specific policy.
The 7 things to check before signing your renewal
1. Compare your old policy declarations page side-by-side with the new one. Insurers often change deductibles, sub-limits, and add new exclusions without flagging them clearly. The "declaration page" or "policy summary" is where everything material lives.
2. Check whether new exclusions were added. Common silent additions in 2025-2026: wildfire smoke, certain mold scenarios, cyber-related claims, electronic equipment sub-limits.
3. Verify your dwelling coverage reflects current rebuild costs. If your home has appreciated significantly or you've renovated, your coverage may be underinsured. Co-insurance clauses can reduce claim payouts by 30-50% if you're underinsured.
4. Look for "scheduled" personal property items that dropped off. If you scheduled jewelry, art, or collections last year, verify they're still on the new policy. Sometimes they need renewal forms that were missed.
5. Check your liability limit. If you're still at $1M liability in 2026, consider $2M. The cost difference is typically $30-$80/year and lawsuit awards have escalated significantly.
6. Review optional endorsements you're paying for. Sewer backup, overland flood, earthquake, equipment breakdown, identity theft — verify each is still relevant to you. Some are essential. Others may be redundant.
7. Get at least one competitive quote. Auto-renewing without comparing is how Canadians overpay $300-$800/year on average. Get 2-3 quotes for equivalent coverage before signing.
What to do if your premium increased significantly
If your premium jumped 15%+ year-over-year, here's your action plan:
Call your insurer first. Ask: "Can you explain the specific reasons for this increase, and what we can do to reduce it?" Often there are quick wins (deductible adjustment, removing an unused endorsement, applying loyalty discounts you weren't getting).
Get competitive quotes. Use a broker who can shop multiple insurers at once. Your loyalty discount with current insurer is often less than the new-customer discount at a competitor.
Don't just chase the lowest price. Equivalent coverage is what matters. A $400/year cheaper policy that excludes sewer backup or has a 2% wind deductible could cost you $20,000+ in a claim.
According to the Insurance Bureau of Canada, the gap between the cheapest and most expensive policies for the same property profile can exceed 80%.
Red flags that mean you should switch insurers immediately
1. Multiple unexplained increases in a row. If you've had three consecutive years of 5%+ increases without claims, your insurer may be repositioning you out of their portfolio.
2. New exclusions added without explanation. Specifically: wildfire smoke, certain water damage scenarios, mold limits dropping significantly.
3. Difficulty reaching your broker or insurer. Renewal time is when you need responsiveness. If you can't get answers in 48 hours, it's a sign of broader service issues.
4. Claim experience was poor. If you had a claim in the past 2-3 years and felt the process was adversarial, slow, or you got pushed back on legitimate items — switch.
Average gap: $340
Canadian homeowners who review their renewal carefully (before auto-renewing) save on average $340/year — either by removing unnecessary coverage, negotiating, or switching insurers.
What changed in my policy?What's your next move?
Two paths depending on what matters most. Both start with the same free 2-minute check.
Information presented is indicative. Premiums and conditions vary by insurer. Consult a licensed broker or insurance agent for an accurate quote.