Rising Premiums Don’t Have to Equal Disappointed Homeowners.

Mortgage rates and property taxes have always ranked high on the monthly expenses list, but home insurance has been quietly sneaking up on buyers lately, and the sticker shock is real.

If you’re worried about rising premiums, understanding why insurance premiums are increasing can make conversations a whole lot easier.

Why the Sudden Jump?

Insurance companies are facing significantly higher costs than they were just a few years ago, and those costs are being reflected in homeowners' premiums.

Severe Weather

Atlantic Canada has experienced a series of costly natural disasters in recent years. Hurricane Fiona and severe flooding to wild windstorms and wildfires, Atlantic Canada has taken a beating. These weather events add up to billions in claims and insured losses.

High Repair Costs

At the same time, the cost of repairing and rebuilding a home has risen dramatically. Materials are pricey, skilled trades are booked solid, and labour shortages mean renos are taking longer and cost more than they used to.

The Province Getting Hit the Hardest.

Rising rates aren't unique to our region, but Nova Scotia is getting the brunt of it. But, insurance doesn't have to become a deal breaker. Conversations about insurance early in the buying process can go a long way.

Get your insurance quotes early, ideally before removing conditions.

• Ask for discounts — a newer roof, updated plumbing, updated electrical, or a security system can save money off your premium.
• Budget for the full picture. Mortgage, taxes, utilities, and insurance equal the actual monthly cost.
• Talk to your Steers Insurance pro. Two houses can look identical on paper and still cost wildly different amounts to insure.
• Since pricing isn't based solely on an individual's claims history for many homeowners, this means premium increases even if you've never filed a claim.

Planning is Everything.

Higher premiums are the new reality for Atlantic Canadians.

Buyers can’t control the weather or the price of lumber, but you can plan ahead so you’re not caught off guard after falling in love with a property.

Today's insurance market reflects broader economic and environmental realities, not the quality of the property they're buying.

The Steers Insurance local crew is always here for you. We’re ready to navigate the ever-changing world of insurance and dig up the best plans for you.

PLUS: we even offer discounts when you bundle Home and Auto coverage.

If you have an upcoming closing, we're always happy to answer questions and help you find the right coverage.

Give us a call at 1-888-295-7474 or email us at hello@steersinsurance.com.