Leverage The Monarchy Build’s Financing Option To Increase Your Homes Value
June 23, 2022
In the current situation where inflation is at an all-time high because of the various global and socio-political factors, home insurance also seems to be increasing in Ontario.
The pandemic, supply chain issues, and inflation have already increased the price of many things. And it now looks like home insurance will also increase. A home insurance policy pays for the covered claims if there is damage to the physical structure of your home and a home insurance premium is the amount you pay monthly, quarterly, or yearly to keep your home insurance active.
It is less risky for an insurance company to cover a new home compared to an old home as there are fewer chances of damages. Similarly, various other factors also directly affect home insurance rates. This is putting a strain on many homeowners, hence, as the best All-Rounder Contractors In Ottawa, we have come up with financing plans that will provide you with the option to hire the best insulation, siding, and roofing contractors in Ottawa without affecting your savings.
Financing plans start at at 0%* interest with no money down, that you can pay off anytime without penalty. Learn more about our financing options here.
Home Insurance Rates Are Increasing In Ontario
A new report states that home insurance rates in Ontario will be increasing in 2022, as well. It is projected that various factors will drive premiums up by at least 5%. That is not great news for anybody, as people are shifting towards its more feasible solutions.
Some crucial factors, such as rising material costs in construction, supply chain disruptions, and climate change, have played an important role in increasing home insurance rates.
Moreover, some companies may increase premiums by 10% or more. According to RATESDOTCA, an insurance comparison website, the average cost for home insurance in Ontario in 2021 was $1,342. A 5% increase would translate into a rise of $67 per year, making the average cost $1,409 annually.
Reasons For The Increase
The three main reasons for the increase in home insurance rates in Ontario are:
- Extra costs due to supply-chain disruptions
- Higher prices for building materials
- The escalation of extreme weather and natural disasters such as tornadoes
Climate change has been the main culprit behind the increase in home insurance rates. Extreme weather conditions and catastrophes are becoming more common in Ontario. Homeowners will experience more costly claims in the long run if such damages continue in the future. Some weather events that have caused severe losses in Ontario are as follows:
- Tornadoes in Barrie, Ontario, led to insurance losses of $100 million
- Flooding and wildfires in BC in November led to losses of more than $450 million
- Alberta holds several of the most expensive events in history due to flooding, wildfire, and recent hailstorms
- Hurricane events on the East Coast, as well as many others across the country
What To Do About It
There are various options to do something about these increasing home insurance rates. Some of the ways are listed below:
- Many insurers offer a discount that might help bring down the premium prices.
- You can increase your deductible to lower your insurance premiums.
- A soft credit check can also lower premium prices.
- Some companies offer discounts on certain memberships.
- You can bundle home and auto insurance with the same provider.
- Go for Monarchy Build’s Financing option with SNAP Home Finance.
Save Up By Availing Monarchy Build’s Financing Option
Get your home finances done Monarchy Build’s financing option with SNAP Home Finance. Starting at 0%* interest and no money down, Monarchy Build allows you to break down your investment through low installments.
Monarchy Build is not your typical roofing and siding contractor waiting to take all your hard-earned money. It values long-term client loyalty over short-term profits. Thus, we give great consideration to your finances. Increase your home’s value without decreasing your savings. With our products and services, you can be assured of one thing: quality!
We are making it possible for our customers to install the best quality insulation, siding, and roofing on their homes. We help you save up by providing:
- Credit limits up to $35,000
- Loan terms from 1 to 20 years
- Pay off anytime without a penalty
- Equal monthly payments
Learn More About Us
Monarchy Build provides you with its local team of Royally-Certified™ Contractors, and quality materials and construction for an all-in-one, build experience.
We understand that certain damages to the building over time have the ability to make your house unlivable. Monarchy Build offers you financing options along with top-quality materials and services, which can be helpful for your budget. If you would like to learn more about our services, you can contact us here.