How much should home insurance increase each year?
The Ontario insurance industry ensures that the rebuild of each home increases every year to keep up with the Ontario inflation index. Factors such as increasing minimum wages, higher costs of lumber due to forest fires, higher costs of steel due to tariffs and higher carbon taxes all have a bearing on the inflation factor that needs to applied to the home rebuild/cost of the policy. The average inflation factor that Tradition Mutual Insurance Company applies to home insurance rebuilds is 3%
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