home insurance

eclipse1966 · Oct 26, 2017

has anyone seen huge increases in their home insurance rates? Mine went up from $1,035 to $1,988 in one year not to mention we had a flood in our basement from extreme rain storm in May and they rejected our claim. Wow

Also, two insurance companies wanted my permission for a credit check and claim they would give me a discount if I approve. What the hell does my credit rating have to do with home insurance (I am not financing the cost).

freeflorider · Oct 26, 2017

Not on my home....yet, but Icbc rates jumped so high on my trucks that I went shopping.
2017-2012 dodge one ton Dulles. I combined the two on the extras and picked up a $1960 savings a year by going with bel airdirect.
Icbc can suck it... insurance company's know you need them so here comes the pain.
I would totally shop around.

eclipse1966 · Oct 26, 2017

we went to four different companies and this was by far the cheapest! One company was over 3 grand! Apparently, just found out a few mins ago that insurance companies were not monitoring flow rates for fires hydrants across Canada and only recently discovered many failed. So, part of my increase is because of that which is $380/year more!

freeflorider said:
There all in on it. Icbc rates jumped so high on my trucks that I went shopping.
2017-2012 dodge one ton Dulles. I combined the two on the extras and picked up a $1960 savings a year by going with bel airdirect.
Icbc can suck it... insurance company's know you need them so here comes the pain.
I would totally shop around.

52weekbreak · Oct 26, 2017

There are lots of reasons for the premium increases. We all throw our insurance money into a pot and the losses of the few are paid for by the premiums of the many. The last several years have seen lots of losses here at home, the US and internationally. All the insurers and reinsurers (these are the companies that sell insurance to the insurance companies for disasters) have seen their profit margins disappear so the price is rising everywhere. Part of the increase is because it costs more to rebuild a house than it used to. My house RC used to be $173,000 when I bought it in 1990 and I paid about $1,100 in premium (which was huge at that time - I am rural). Replacement cost now is $675,000and my premium is $3,850. So the cost to build my house has increased by 385% but the insurance has only gone up 350%. Coverage is better too as I am insured for overland flood.

By all means shop around but make sure you get the same coverage.

eclipse1966 · Oct 26, 2017

great points! Wonder how people on fixed incomes can absorb these increases.

52weekbreak said:
There are lots of reasons for the premium increases. We all throw our insurance money into a pot and the losses of the few are paid for by the premiums of the many. The last several years have seen lots of losses here at home, the US and internationally. All the insurers and reinsurers (these are the companies that sell insurance to the insurance companies for disasters) have seen their profit margins disappear so the price is rising everywhere. Part of the increase is because it costs more to rebuild a house than it used to. My house RC used to be $173,000 when I bought it in 1990 and I paid about $1,100 in premium (which was huge at that time - I am rural). Replacement cost now is $675,000and my premium is $3,850. So the cost to build my house has increased by 385% but the insurance has only gone up 350%. Coverage is better too as I am insured for overland flood.

By all means shop around but make sure you get the same coverage.

Bnorth · Oct 26, 2017

I just renewed with a small increase. I have found TD to be by far the cheapest. I get a surprisingly decent discount for being a TRU alum.

eclipse1966 · Oct 26, 2017

thats because your are "special" Brandon LOL. I checked with TD and they were at $2300.

Bnorth said:
I just renewed with a small increase. I have found TD to be by far the cheapest. I get a surprisingly decent discount for being a TRU alum.

52weekbreak · Oct 26, 2017

eclipse1966 said:
great points! Wonder how people on fixed incomes can absorb these increases.

They sell their house and move to someplace cheaper...maybe eventually a cardboard box. Nobody wants to die young but it is hard to live with no money

eclipse1966 · Oct 26, 2017

so much for Freedom 55 these days LOL

52weekbreak said:
They sell their house and move to someplace cheaper...maybe eventually a cardboard box. Nobody wants to die young but it is hard to live with no money

S.W.A.T. · Oct 26, 2017

freeflorider said:
Not on my home....yet, but Icbc rates jumped so high on my trucks that I went shopping.
2017-2012 dodge one ton Dulles. I combined the two on the extras and picked up a $1960 savings a year by going with bel airdirect.
Icbc can suck it... insurance company's know you need them so here comes the pain.
I would totally shop around.

Good idea, ever look into Family Plan?

snowcannon · Oct 26, 2017

Doesn't Costco offer house insurance?

52weekbreak · Oct 26, 2017

No they don't. They have aligned themselves with a broker out of Ontario (Inova) who have access to the usual insurance companies. Doubtful that an Ontario broker will be up to speed on local issues and rules out west. That might work in your favor though. Give 'em a call.

52weekbreak · Oct 26, 2017

S.W.A.T. said:
Good idea, ever look into Family Plan?

Are you referring to something ICBC offers? Never heard of "Family Plan" insurance.

For the reference of anyone who is interested, here is the link to all of the insurance companies licensed in BC.

freeflorider · Oct 26, 2017

52weekbreak said:
Are you referring to something ICBC offers? Never heard of "Family Plan" insurance.

For the reference of anyone who is interested, here is the link to all of the insurance companies licensed in BC.

What 52 said?

Cableguy · Oct 26, 2017

try bel air direct cheapest i found and my nephew is a broker Intact owns them which is who he works for, and even said they are hassle free and quite often cheaper

52weekbreak · Oct 26, 2017

There is also Sonnet. I imagine they write house insurance in BC. Apparently all done on line

S.W.A.T. · Oct 26, 2017

Sorry to take over the thread Dennis, but after renewing one of my business policies this summer I saved $800 by shopping. We insure 2 vehicles, house, 2 business (soon to be a 3rd) and equipment insurance is a killer. Anyone recommend a good one stop shop place? Cheap rates are good but also need to actually be covered when the time comes.

ZRrrr · Oct 27, 2017

Our home insurance went up a bit. Have to pay for floods and fires!

Agent told us that the insurance co's are using your credit rating to determine how much extra to charge you. Bad credit, get dinged more. Makes no sense to me and once again targets the vulnerable. We are fine personally, but it pisses me off that these types of organizations prey on societies struggling. As Canadians are amassing more debt than ever, the insurance companies are looking more like predators by going this route. Keep the poor/working poor suppressed, and give breaks to the guy that can easily afford to pay more. WTF?!

Apologies for my rant......but I feel better.

52weekbreak · Oct 27, 2017

The whole credit rating thing really seems unfair for all the reasons you say and more. I do not like it either. Having said that, some insurers claim there is a direct relationship between a better credit rating resulting in fewer claims. I really doubt it but have never actually reviewed the data. I suspect that this is done at a very high level by actuaries and the actual reports will never be shared by the insurers.

This is not a thing with all insurers. Allowing a credit check is not required to get insurance by any insurer but some companies will give a discount if you allow them to get one and you pass whatever criteria they have. I suggest you look at this as being eligible for a discount not unlike what you would get if you had a burglar alarm.

If you don't meet the criteria, you do not get that discount but that insurer may still be the cheapest anyway...or the most expensive. Pricing is all over the place right now as some have put through increases while others are holding off hoping to pick up more business so they can increase the price on renewal. Overall it will be going up

ZRrrr said:
Our home insurance went up a bit. Have to pay for floods and fires!

Agent told us that the insurance co's are using your credit rating to determine how much extra to charge you. Bad credit, get dinged more. Makes no sense to me and once again targets the vulnerable. We are fine personally, but it pisses me off that these types of organizations prey on societies struggling. As Canadians are amassing more debt than ever, the insurance companies are looking more like predators by going this route. Keep the poor/working poor suppressed, and give breaks to the guy that can easily afford to pay more. WTF?!

Apologies for my rant......but I feel better.

eclipse1966 · Oct 27, 2017

it will be a frosty day in hell I would give them my approval to check my credit rating. I asked the guy why would they need that and he could not give an answer then I asked him if they sell that info and he still would not say one way or another. Just another way for big business sticking their nose where it don't belong

52weekbreak said:
The whole credit rating thing really seems unfair for all the reasons you say and more. I do not like it either. Having said that, some insurers claim there is a direct relationship between a better credit rating resulting in fewer claims. I really doubt it but have never actually reviewed the data. I suspect that this is done at a very high level by actuaries and the actual reports will never be shared by the insurers.

This is not a thing with all insurers. Allowing a credit check is not required to get insurance by any insurer but some companies will give a discount if you allow them to get one and you pass whatever criteria they have. I suggest you look at this as being eligible for a discount not unlike what you would get if you had a burglar alarm.

If you don't meet the criteria, you do not get that discount but that insurer may still be the cheapest anyway...or the most expensive. Pricing is all over the place right now as some have put through increases while others are holding off hoping to pick up more business so they can increase the price on renewal. Overall it will be going up

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