Insurance Premium Went Up Reddit – Peel residents, feeling that the lame increase in ownership taxes, and some of the highest auto insurance rates in the province, depending on where you live in the region, are now faced with home insurance rates in the face of extreme weather events, including insurers that provide minimal transparency in the background factors.
A group of advocacy calls for lack of responsibility and “asymmetry”, which has asked the province’s financial regulator to intervene.
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In July, investors for compliance with Paris (I4PC) filed a complaint with Ontario’s Financial Services Regulatory Authority (FSRA), encouraging the government to seek more transparency from insurers, especially about how climate risks could be price, how these premiums are determined and the lack of evaluation of the public’s analysis of the public’s premiums Ontarians can continue to provide these costs.
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“Unlike auto insurance, home insurance rates are a black box – Ontarians only know that they are constantly rising,” I4PC senior policy analyst Kiera Taylor said, noting the group recognizing a “giant systematic risk that industry and regulator of the industry” when the industry is not able is dealing with the overall risk of climate.
Ontarians are increasingly vocal about the steep increase in home and auto insurance premiums, with a lot of expression of frustration in significant walks of the year. Despite the no change in their scope or history of claims, residents report an increase of $ 100 or more per month, far from inflation. Home and drivers owners are similarly discussed factors behind these increases, including insurers that mention factors such as increasing collision costs, increased auto theft and financial effects of climate-related injuries.
“Due to accelerating climate injuries, premiums are no longer ending in sight. That’s not a sustainable solution because climate change is here to stay, the injuries are worsening and people are unable to increase premiums. Right now, the only real solution discussed is adaptation, but we can’t adapt our way to climate change.”
Between 2014 and 2024, home insurance rates in Ontario increased by an average of 84 percent, with a 12.7 percent increase by 2024 only.
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The Insurance Bureau of Canada (IBC) said climate change influences more and larger flooding, wildfires, hailstorms and windstorms, which cost billions and puts the risk to people and ownership.
In 2024, insurers paid more than $ 9 billion, exceeding the previous record set in 2016 more than $ 2 billion.
Flooding flash in the Greater Toronto Area (GTA) only led to nearly $ 1 billion in guaranteed losses, affecting homes, businesses, and vehicles.
“It is estimated that for every dollar insured, there is $ 3-4 in uncertain losses. So, that $ 3-4 billion for GTA people,” Taylor said.
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As the most years recorded for Canadian insurance payouts, driven by a series of devastating weather -related disasters, insurers warned that rates could climb even in 2025.
In the second quarter of 2025, Ontario saw the greatest increase of insurance premiums for both auto and home insurance. Compared to the same time last year, the average premiums for auto insurance in Ontario increased by 18.5 percent, the highest jump in all provinces. For home insurance, Ontario experienced a well -known increase, even though Quebec saw the biggest increase to 10.1 percent.
The complaint from the I4PC has highlights how Ontario’s auto insurance system offers more public transparency than the home insurance sector. FSRA has published rate changes and justifications for auto policies, but no similar system exists for home insurance.
In 2025, the average cost of home insurance at Mississauga was around $ 1, 470 per year, or about $ 123 per month. In Brampton, approximately $ 1, 352 years, which is equivalent to about $ 113 monthly, according to rates.ca.
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Many northern Ontario communities, especially rural communities, pay 30 to 80 percent more for their home insurance than cities around Southern Ontario.
An estimated 10, 000 Canadians have turned to the majority funding platforms such as GofundMe between 2019 and 2023 to cope with uncertain climate-related injuries. However, there is still no public review if home -owned expenses are able to increase the cost, a space will be required by FSRA.
A Toronto woman, who was destroyed in the aftermath of the rain on July 16, turned to Gofundme after her basement apartment was a flood of sewage. The flood caused by overflowing canal canal systems sank into its belongings, including important sentimental items, and destroyed a third of his possessions. In his appeal to GofundMe, he shared the heartbreak of loss of irrevocable mements that helped him cope with being severe from moving from Vietnam. Despite the emotional toll, he expressed gratitude for any support to help him recover and rebuild his life.
But these rising premiums are only half the story. Taylor Tala of the Range is also a shrinkage, especially in flood-susceptible zones such as Windsor, Richmond Hill, and Ottawa, where some rules do not include flood damage altogether.
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According to the Toronto map and Region Conservation Authority map, any property that falls inside blue shaded areas, such as a dixie-dundas cluster near Dixie Road and Dundas Street East in Mississauga, can be dangerous to flooding.
“Some places become irrevocable … People pay less protection, and they do not say what dangers they face because flood and fire maps used by insurers, used in price risks, are owned,” he said.
“Consumers and even governments do not have access to the same data used by insurers. There is a complete asymmetry of information. How to make regulators or governments decisions when they do not have access to the information that companies use to compensate our physical risk?”
A Mississauga resident took Reddit to announce their failure after a severe storm in 2024 left a major damage to their ownership. The resident shared that water entered their home through sewer drains instead of from walls or windows, causing extensive damage to their finished basement, including destroyed floors, baseboards, and furniture. Despite reaching both the city of Mississauga and the Peel region, they were met with denial of responsibility, along with officials linking flooding to an excessive storm system and labeled the event as a “once in 100 years” incident. Increasing their failure, the resident reported that their insurance claims were left with no response, and they received no response from their local councilor.
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Insurers, which face high costs due to frequent and severe flooding, often do not offer flood coverage in these regions. When the range is available, premiums are usually very high, a 2024 report of the Canada Climate Climate Institute highlights.
In 2022, Public Safety Canada and a federally gathered work force estimated that 90 percent of Canada’s $ 2.9 billion in the annual flood damage occurred in 10 percent of homes at risk.
Most 1.5 million of these homes are not guaranteed against flooding because private insurance companies cannot offer reach -affordable policies without the risk of payouts exceeding premiums.
As a result, homeowners are paying for injuries on their own or expecting the help of government disaster if flooding is considered serious enough-just like what happened to Mississauga last year when the two, once-in-one-century storms struck the city for a month, leading the city of Missauga to launch relief programs to help pay for injuries.
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The I4PC also exposes a disturbing contradiction; The insurance companies are warning climate risks, but they have also invested and underwrite fossil fuel companies, whose activities directly contribute directly to worsening climate events.
A 2024 report by I4PC The insurance industry note continues a harmful cycle by ensuring and investing in fossil fuel companies, which drives climate change and gasoline severe damage to the weather. As the claims increase, as well as premiums, and taxpayers are left at the expense of damaged infrastructure.
The I4PC’s 2024 report, which plays the fire, highlights that the seven largest Canadian-based insurers and their parent companies will be held by more than $ 19.5 billion in the investment of fossil fuel. Some, such as Fairfax, are among the leading global underwriter of fossil fuel projects.
“They benefit at both ends, contributing to climate damage and then passing costs to consumers. That is a systematic conflict of interest,” Taylor said.
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“Insurance companies are still adding shareholder dividends, which indicate profitability. Meanwhile, governments are walking beyond the bill, and consumers are left with unreliable premiums.”
Despite increasing climate-related claims, Canadian insurers continue to fund fossil fuel projects, climate risks worsening. Fairfax, a major player, underwrites are the main initiatives of fossil fuel worldwide. While some insurers like the whole are moving towards exclusion policies, the industry lacks a unified, credible plan to release fossil fuel support and align Net-Zero goals.
“I think they’ve been doing business for a long time, and there’s a resistance to change.”
Both home -owned and renters are affected, as increasing insurance premiums often lead to landlords to pass costs to renters by higher rent, even if they pay for their own insurance.
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The I4PC is now calling on FSRA to conduct a thorough investigation of industrial climate risk skills, net-zero alignment and whether the Ontario home insurance market is sustainable.
Taylor said the I4PC had not yet received a response from FSRA on July 30. “We hope to get some kind of written response, but I haven’t gotten my hope,” he said.
Ultimately, Taylor believes the issue is part of a broader crisis of availability throughout Ontario. Residents
