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I’m about $2200 (with tax) a year. $2million liability. $25,000 sewer back up protection. Waterfront property in rural Ontario. Raised 1.5 bungalow with walk out basement. Approx 2000-2200 sq ft. Seems excessive. I have my cars/bike with the same company as well as affinity discount (alumni).

does it seem fair?
Ours is a 3,000 square foot waterfront home in rural BC. Quotes this year ranged from just under $2,000 to just over $8,000. Quite a range. That's with about $800,000 coverage to replace the main building and $2 million liability, with $25,000 deductible. We asked for $100,000 deductible, but no bites.

Our place in LA has remained for years in the range of $1,700 to $2,200 US. Some years up, some years down. That's with present coverage of about $925,000 US on the house and $2.5 million US liability. Happy enough with our insurer there (Allstate) that we have never shopped around in almost 25 years.
 

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Seems quite high. What is the limit you have on the building - 600-750k?

So many factors - do you max out all the available discounts - mortgage free, alarm system, credit consent, etc. Claims history, any add one's (boats, schedule jewellery, etc).

With an alumni discount you'd think it would be closer to 1300-1500 plus tax. Maybe even a lot lower.

Rural hurts you a little (no hydrants) but if you're close to an accredited fire station you'd still be considered semi protected.

No harm in shopping around. Let us know what you get for pricing. Bit of a pain because you have to shop everything but the price seems quite high so it may be time well spent.
mortgage free. Claims free. This price is without the pwc. Actual policy is 2600. No alarm. Hydrant is one house away. Fire station is about 10k away. No jewellery. I don’t think my policy shows the building. It’s a “$2 million solution” which I believe covers clean-up, rebuild and contents? The $2 liability is a separate line item. Perhaps it’s the waterfront?

deductible is $2000.

as per the below image, the policy is $2017. An additional $217 for $2 million liability. So that $2234 without tax!

can you cancel and switch at any time Or only renewal?
 

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mortgage free. Claims free. This price is without the pwc. Actual policy is 2600. No alarm. Hydrant is one house away. Fire station is about 10k away. No jewellery. I don’t think my policy shows the building. It’s a “$2 million solution” which I believe covers clean-up, rebuild and contents? The $2 liability is a separate line item. Perhaps it’s the waterfront?

deductible is $2000.

as per the below image, the policy is $2017. An additional $217 for $2 million liability. So that $2234 without tax!

can you cancel and switch at any time Or only renewal?
We have something similar through CAA Insurance. They just gave us a 10% Covid discount off both home and car insurance!
Our home is on waterfront in semi-rural area. Similar hydrant/fire station distances. Coverage for rebuilding home and garage is $600k, plus $400k for personal property. Total coverage amounts to $1,160,000. House is about 2300 sq.ft. Garage another 700sq.ft. $2million liability.

Premium, with $2000 deductible, is $755.

One big difference, is that we have a septic system and no basement, so no sewer back-up coverage needed. Another may be the $2million solution - maybe it is more in their favour than yours ;)

We were at one time with TD Insurance (affinity) - They had bumped up our insurance. Then when I complained, they had an appraiser re-appraise our home. The appraiser got it all wrong - used wrong build date and that increased rather than reduced the premium. TD would not change his findings. We walked! We then went with State Farm, but walked again when they sold to Desjardin.

Thank goodness - we now have a good local CAA agent who is very helpful and our insurance rates are fair for both home and cars.
 

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I’m about $2200 (with tax) a year. $2million liability. $25,000 sewer back up protection. Waterfront property in rural Ontario. Raised 1.5 bungalow with walk out basement. Approx 2000-2200 sq ft. Seems excessive. I have my cars/bike with the same company as well as affinity discount (alumni).

does it seem fair?
I'm in Ontario with a $2 million policy, $1 million liability., TD Insurance offers it as a standard package.
I'm not waterfront but it's only $937/yr, but that's through a group rate.

Not sure how much rural and waterfront ads, but even then you're at less than $200/month
 

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I'm in Ontario with a $2 million policy, $1 million liability., TD Insurance offers it as a standard package.
I'm not waterfront but it's only $937/yr, but that's through a group rate.

Not sure how much rural and waterfront ads, but even then you're at less than $200/month
Thanks. Do you know if you have sewer backup. That alone cost me almost $700.
 

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Thanks. Do you know if you have sewer backup. That alone cost me almost $700.
Yes
I am insured against
"""
Water originating from escape, overflow or backing up of:
french drains or weeping tile
sewer connections
sewers
storm drains
septic tanks
ditches
sumps, retention tanks or holding ponds

Ground or surface freshwater that suddenly and accidentally seeps into the building...

Water originating from the rising or overflow of any stream or body of freshwater, whether natural or man made or from dam breaks.
""

And other things, but yeah, I'm covered
 

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Yes
I am insured against
"""
Water originating from escape, overflow or backing up of:
french drains or weeping tile
sewer connections
sewers
storm drains
septic tanks
ditches
sumps, retention tanks or holding ponds

Ground or surface freshwater that suddenly and accidentally seeps into the building...

Water originating from the rising or overflow of any stream or body of freshwater, whether natural or man made or from dam breaks.
""

And other things, but yeah, I'm covered
my current provider wouldn’t even sell me overland flooding.
 

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my current provider wouldn’t even sell me overland flooding.
See if you can get group insurance through something, most professional organizations and colleges/universities have a program.
If not that, I'd get an independent broker, an experienced professional IMO can save you a lot of trouble.
 

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See if you can get group insurance through something, most professional organizations and colleges/universities have a program.
If not that, I'd get an independent broker, an experienced professional IMO can save you a lot of trouble.
That‘s what’s bothering me. My latest policy has a staff discount attached. Even though I’ve left the company, I could fall back on to a University of Toronto Alumni rate. With my staff rate, mortgage free, claims free, multi-line discounts, it feels expensive.

I’m going to try some of the other big insurers and 2 small, local Brokers in town.
 

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Third year with our home insurer. Premium went up about six points last year, the current renewal that came yesterday had a 13 percent increase. We have six weeks to shop, compare, and make a decision. I read an article some time ago that seemed to indicate that insurers start to hike little by little after year 2 or 3 because people tend not to shop.
 

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Third year with our home insurer. Premium went up about six points last year, the current renewal that came yesterday had a 13 percent increase. We have six weeks to shop, compare, and make a decision. I read an article some time ago that seemed to indicate that insurers start to hike little by little after year 2 or 3 because people tend not to shop.
can you switch providers mid-term or only at renewal. My friends are checking their policies. One buddy is paying $3600 for a home in The GTA.
 

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I stand to be corrected, but I believe you can cancel insurance at any time and get rebated for the cancelled portion of the policy. (There may be an admin fee.)
We just completed renovations, during which we had extra insurance. We were just weeks from renewal when we dropped the extra coverage. Got a check for $35 from the insure co for those weeks.
 

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mortgage free. Claims free. This price is without the pwc. Actual policy is 2600. No alarm. Hydrant is one house away. Fire station is about 10k away. No jewellery. I don’t think my policy shows the building. It’s a “$2 million solution” which I believe covers clean-up, rebuild and contents? The $2 liability is a separate line item. Perhaps it’s the waterfront?

deductible is $2000.

as per the below image, the policy is $2017. An additional $217 for $2 million liability. So that $2234 without tax!

can you cancel and switch at any time Or only renewal?
$700 for a $25,000 limit on sewer backup. THAT IS YOUR PROBLEM! Highway robbery. Are you on septic or municipal sewer? That rate is ridiculous unless you're in an extremely high risk area.

$2 million solution is a single limit feature. The replacement cost number used for calculating the premium is hidden in the background. Without that number you'll never know whether the premium is fair or not. You have to ask your company rep.

Yes you can cancel anytime. You just have to pay an admin fee. The fee becomes less the closer you get to the expiry. Your rep can get you the fee to cancel on a particular date.

If sewer backup was $75 per year then your current policy would be closer to reasonable. You should be able to do better. Still seems high for a group rate.

Could be a territory issue. Get a quote for the same house with the same company with a completely different postal code. And/or talk to your neighbors with similar sized house, similar age group, etc.
 

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$700 for a $25,000 limit on sewer backup. THAT IS YOUR PROBLEM! Highway robbery. Are you on septic or municipal sewer? That rate is ridiculous unless you're in an extremely high risk area.

$2 million solution is a single limit feature. The replacement cost number used for calculating the premium is hidden in the background. Without that number you'll never know whether the premium is fair or not. You have to ask your company rep.

Yes you can cancel anytime. You just have to pay an admin fee. The fee becomes less the closer you get to the expiry. Your rep can get you the fee to cancel on a particular date.

If sewer backup was $75 per year then your current policy would be closer to reasonable. You should be able to do better. Still seems high for a group rate.

Could be a territory issue. Get a quote for the same house with the same company with a completely different postal code. And/or talk to your neighbors with similar sized house, similar age group, etc.
thanks. Unique community. Waterfront. On municipal water and waste. Waste is directed to a spray field a couple of kilometres away. I assume it’s pumped there. I believe some neighbours in the area had sewer backups before we moved in.
 

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thanks. Unique community. Waterfront. On municipal water and waste. Waste is directed to a spray field a couple of kilometres away. I assume it’s pumped there. I believe some neighbours in the area had sewer backups before we moved in.


edit: we all have sump pumps that are very active. Runs multiple times per day. Can run every hour during wet springs.
 
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