Can insurance costs be adjusted on a statement of adjustments in Ontario?

Home insurance is not typically adjusted on a residential statement of adjustments in Ontario. Unlike property taxes or condo maintenance fees — which are shared obligations covering a period of joint interest — home insurance policies are arranged separately by each party and are in their own name. The seller's policy covers the property until closing; the buyer's new policy takes over from closing day.

There is no mechanism to split or transfer a home insurance policy from seller to buyer in the same way that property taxes are apportioned. Buyers must arrange their own insurance and have it in effect on closing day. The seller's policy terminates when ownership passes.

One situation where insurance-related amounts might appear on closing documents is when purchasing a property through a condominium corporation that carries building insurance as part of the common expenses — the condominium maintenance fee adjustment already covers the buyer's proportionate share of that insurance cost. For standalone homes, there is simply no insurance adjustment. If you were expecting to see an insurance credit or debit on your statement and it is not there, that is likely correct — buyers provide their own insurance independently of the closing statement.