Tag Archives: home insurance

It was bound to happen one day. The Bank of Canada decided to raise its interest rates on July 12th for the first time in years. Every large bank followed suit the next day. It is now time to revise your budget accordingly.

This first hike does not mean there will be a second one on September 6th of this year, and that the interest rates will keep rising afterward. But, better be safe than sorry, especially given the fact that the total Canadian household debt has reached a record high.

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The Bank of Canada is anticipating an increase in the inflation rate. CIBC Bank economists, who issued the “Canadian Inflation: What’s Gone Wrong?” report, also believe the inflation rate will hike soon. Mortgage holders living on a tight budget should prepare accordingly.[……]

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According to a survey for Desjardins General Insurance, 35% of 18 to 34 year-olds in Quebec don’t have home insurance. The percentage for the rest of the population is 23%.

Why are people in Quebec not insuring their home, especially young people?

  • 31% responded that it was because they forgot.
  • Another third of respondents said it was too expensive.
  • 18% said they didn’t have enough valuable property.

However, Desjardins General Insurance says that it could cost less than 65 cents a day. One figure that may help us see clear: about half of renters age 18 to 34 who don’t have insurance don’t know what civil liability is.[……]

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