Carleton Place: Homeowners facing jump in insurance rate

Rural homeowners living just outside of Carleton Place say they have been slapped with exorbitant home insurance increases.

“My wife and I opened it, we almost fell off our chairs,” said Mark Jeremiah, who has owned his home on Drummond Concession Road 11 for seven years now.

“They increased our insurance year over year by over 72 per cent.”

After receiving his home insurance renewal recently, Jeremiah says his provider, Commonwell Mutual Insurance Group, raised his monthly payment from $180 a month to $310 a month.

But Jeremiah says, in doing so, Commonwell has not provided a reasonable explanation why.

“They said, well, your area has been assessed as higher risk, therefore we’re increasing your insurance. It just doesn’t add up,” he said.

“They mentioned something about the climate and how the weather patterns are changing, but I have had no claims against my insurance. We’ve had no damage to our property; we do not get flooding in this area.”

When contacted for comment on Jeremiah’s situation, Commonwell told CTV News that they have “no comment at this time.”

In a statement to CTV News, the Insurance Bureau of Canada said, “In general, insurers price risk based on the existence and level of risk. Individual insurers develop their own risk profiles and have different risk appetites – this changes periodically.”

Jeremiah adds that he’s heard his neighbours are also seeing increases to their home insurance in the 30 to 50 per cent range.

Jeremiah’s home is considered a log cabin-style home, a kind of home he has always wanted.

He says he now feels trapped in the home of his dreams by sky-high insurance rates.

“There’s only two insurance companies in Canada that insure log homes, so they really do have us between a rock and a hard place.”