Understanding how tariffs may impact your home & auto insurance   

Why is there such a wait for new cars? What is causing my property insurance rate to increase? How come it is taking so long to get new parts and materials?  

With the recent conversations about tariffs between the U.S. and Canada, you may be wondering whether they could affect your home or auto insurance.  

While insurance policies are not directly impacted by tariffs, rising costs for vehicles, parts, building materials and repairs can influence insurance claims and coverage needs.  

How could tariffs affect insurance claims? 

Tariffs can increase the cost of goods that move between countries. Many of the products used to repair homes and vehicles, such as auto parts, lumber, steel, appliances and construction materials, may be impacted by rising costs and delays for product shipments.  

If product or shipping costs increase, it may lead to:  

• Higher repair and replacement costs for damaged vehicles. 
• Increased costs for rebuilding or repairing homes after an insured loss. 
• Longer wait times for certain parts or materials, quickly using up car rental coverage. 
• Increased pressure on insurance claims costs across the industry. 

While every claim is different, these factors may affect how quickly repairs can be completed and how much they cost.  

Why reviewing your coverage matters 

As repair and replacement costs change over time, it’s a good idea to review your insurance coverage regularly.  

A policy that fits your needs several years ago may still provide the protection you need today, but changes in property values, construction costs, and vehicle repair expenses make periodic reviews worthwhile.  

Questions to consider when speaking with an Orbit broker 

Auto insurance  

• Do you understand your transportation replacement coverage and limits? 
• Have you recently purchased a newer vehicle with advanced technology? 
• Have there been changes to how you use your vehicle? 

Home insurance  

• Have you completed renovations or upgrades? 
• Has the value of your property changed significantly? 
• Do you understand the rebuilding coverage included in your policy? 

We're here to help 

Orbit insurance brokers are here to walk you through your existing home or auto insurance coverage, answer your questions and help ensure you feel confident in your protection.  

Whether you want to better understand your policy, review your coverage limits or discuss recent changes that may affect your insurance needs, our team is ready to help.