Video: Insurance premiums on older homes beginning to spike?

The Co-operators Insurance customer Malcolm Callaway is reporting a 140 per cent increase on his home insurance premiums.

Callaway, a resident of Chester, Nova Scotia received a call today from The Co-operators informing him that his premiums would be increasing.

 When Callaway inquired about the increase The Co-operators said that it was “across the board” and was focused on older homes. The Co-operators says they have been getting increased numbers of claims from customers who own older homes (pre-early-1960’s).

Co-operators spokesman Frank Bomben said that he could not speak to any “across the board” changes in premium rates but that rates in Cape Breton have been raised recently due to a string of suspicious fires deemed arson.

We’ll have more on this story as it develops.