Home Insurance Rates - Are yours increasing dramatically?

[james t kirk]

My home insurance renewal just came in.

Another $200.00 increase over last year, which was a $200.00 increase over the year before.

Almost a 70% increase in 2 years. They now want a grand a year, whereas in 2008 it was $600.

Last year they told me that they had added a water ingress rider on my package (that I didn't ask for and I assumed I was covered for - wrong.)

I called up to complain and after talking to 2 different people (and listening to the song and dance about coverage and rebuilding costs, blah blah bah) I finally got transfered to a guy who was in charge. He said, in so many words, that the Insurers lost money last year on Home insurance to the tune of about $1.26 out for every $1.00 in. Like it or not, Home Insurance rates are going up. In fact, he said that Home Isurance rates are poised to DOUBLE in the next 5 years.

Holy fuck on that.

My question to the peanut gallery (homeowners) is:

Has your home insurance gone up 70% in the last 2 years?

 

[mannix1]

Mine went up 60% lasy year alone though partly due to making my first ever very small claim for some water damage..riduculous!!

 

[The Finisher]

Yup....my home insurance for my mother went from $900 a year ($75 per month) to $1080 a year ($90 a month).

The previous year before it went to $900, it was $775 a year.
I called around (over a dozen home insurance carriers) and a majority of them were in the same $1000 ballpark range.

Fortunately, I was able to find a hidden gem of an home insurance company that was able to offer a yearly rate of $750 dollars for the year.
Either this company is lowballing the rates to get more of a customer base or that they are undercharging based on what the market is dictating?

I'll check for the company and post it online later today so that any homeowners can shop around for the best rates available.

Hope this helps.

 

[capncrunch]

All insurance rates are bound to increase dramatically over the next couple of years.

Reason is that insurance companies make a substantial portion of profit from stock market returns. But since the stock market tanked a while ago, they're not getting those double-digit returns any more and now cry the blues that premiums aren't covering costs.

Case in point: The Cooperators recently decided to include a home owner's credit score when determining a premium. Their point is that those with a low credit score are statistically more likely to make a claim. And if you as a Cooperator's client refuse to allow your credit score to be used as a determining factor, the insurance company will just charge you the highest rate possible.

See Credit scores can hike home insurance rates.

And did you ever notice that when the insurance companies are in the news or applying to the government for permission to increase, for example, auto rates, they're moaning and bitching that they're not making any money? But if you go to buy their stock, their prospectuses say how wonderful their profitability is?

Pretty typical doublespeak.

 

[james t kirk]

Mine went up 60% lasy year alone though partly due to making my first ever very small claim for some water damage..riduculous!!

That's the irony of it. It's become like Auto Insurance. Make a claim and it will cost you more over the years in the long run.

I've thought about this water ingress thing. They said to me, "oh, if you've got a crack in your foundation wall and the water comes in, or you leave a window open and the rain comes in - you're covered"

Fuck, in either of those scenarios, the damage would be fucking minor and I would just deal with it myself. Especially since my basement is unfinished. I'm not really worried about a bit of water on the floor. Plus, it's not the crack in the foundation wall that's the problem, it's the lack of good waterproofing that is the problem.

What kills me is I said to them, "I thought that I was covered for that" and they said I was only covered for Sewer backup, now they added this rider. (Well, they added it last year. This year, they just jacked my rates by $200.00 for no reason other than they're losing money (so they say)).

I asked them last year to give me a list of all the things I was NOT covered for and they said that they couldn't do that.

 

[james t kirk]

All insurance rates are bound to increase dramatically over the next couple of years.

Reason is that insurance companies make a substantial portion of profit from stock market returns. But since the stock market tanked a while ago, they're not getting those double-digit returns any more and now cry the blues that premiums aren't covering costs.

Case in point: The Cooperators recently decided to include a home owner's credit score when determining a premium. Their point is that those with a low credit score are statistically more likely to make a claim. And if you as a Cooperator's client refuse to allow your credit score to be used as a determining factor, the insurance company will just charge you the highest rate possible.

See Credit scores can hike home insurance rates.

And did you ever notice that when the insurance companies are in the news or applying to the government for permission to increase, for example, auto rates, they're moaning and bitching that they're not making any money? But if you go to buy their stock, their prospectuses say how wonderful their profitability is?

Pretty typical doublespeak.

I remember 20 years ago when the province was talking about having provincially run auto insurance. At the time, the Insurance industry was singing the blues about losing so much money on Auto, yet when the gov't wanted to take it off their hands, they went nuts and took out full page ads in the Globe and Mail stating that the gov't wouldn't be able to provide the same level of service, etc.

Accountants can work their lies in any number of different ways to make it look like you're going broke, or making more money than you know what to do with.

It's the old joke, ask an account, "What's 2 + 2"

Good Account will say, "Whatever you want it to be"

 

[Moraff]

2008: $618.84
2009: $622.08 0.52% increase
2010: $708.48 13.9% increase

 

[The Finisher]

Give Desjardin General Insurance a call.
They were the insurance company that gave me the lowest rate at $750.

http://www.desjardinsgeneralinsurance.com/d-on/EN/Pages/home.aspx?PRV=ON&LNG=EN

 

[curious newbee]

Mine went up as well....and has kept going up every year since I had switched a few years ago. I got pissed...looked around and wound up saving almost $600!!! Shop around every year....use brokers if you need to. I got lucky...I used an online system, realized savings were there...then went to another company and wound up with the savings mentioned. My old company was pissed when I dropped them!!!

 

[Sniper Jr.]

My condo insurance rate went up by 50% this year for no apparent reason (no claims, no change in coverage). Since the increase was only $8 a month (guess there's not much to insure in a condo), I didn't bother looking into it, but it sounds like it's a widespread trend.

 

[koreanenvy]

Shop around and you might get a better deal. I was with co-operators and they tried to hit me with a 15% increase at my renewal in June. I shopped around and ended up going with TD at the same premium as I paid last year.

 

[james t kirk]

Shop around and you might get a better deal. I was with co-operators and they tried to hit me with a 15% increase at my renewal in June. I shopped around and ended up going with TD at the same premium as I paid last year.

My broker IS TD Meloche Monnex. They use "Security National" for all their insurance as far as I am aware.

I will give Desjardins a call, maybe others as well. Right now, supposedly I have the "Platinum Coverage" I could reduce it to "Gold coverage" and save 80 bucks a year.

Big fucking deal.

When I do shop it around - I just want to make sure that I'm getting the same coverage more or less. I don't have any jewelry in the house whatsoever, never keep cash in the house, really, just a couple of computers and a lot of tools. I can't see a thief carrying my sofa out the door.

TD tried to tell me that they increased the rebuilding cost on my house by 30 grand and that rebuilding costs had increased. I know for a fact that that is horeshit. The value in my house is in the land, not in the structure.

 

[koreanenvy]

jtk I hear you man. There are many brokers out there and if they want your business enough they will give you a good rate. I got the best deal with TD but you might get the best deal with someone else.

 

[james t kirk]

Give Desjardin General Insurance a call.
They were the insurance company that gave me the lowest rate at $750.

http://www.desjardinsgeneralinsurance.com/d-on/EN/Pages/home.aspx?PRV=ON&LNG=EN

Well, maybe I should shut the fuck up.

Cause I just went to that site and did the on-line application for my primary Vehicle.

My rates with TD is $1,310 a year, including collision and comp, rental car, accident forgiveness, blah blah blah

Desjardins - $2,209.00 a year.

I've never had a claim where my insurer paid out in the last 10 years (knock on wood) and 1 speeding ticket in the last 3 years (130 in a 100 zone). That's it.

Now that's bullshit.

 

[The Finisher]

Wow......I didn't go for Desjardins for car insurance but only for home insurance.

If you are looking to bundle up your home and car insurance, I guess you'll have to either keep trying online or get yourself a broker.

Peace.

 

[nottyboi]

They tried to hike mine so I shopped around and got a rate closer to what I was paying the previous year. We shall see what they do next year.

 

[cute-bald]

Soooo when are Ontarians ( like B.C., Alberts & Quebec) going to stop taking the bull shit from insurance companies & get & support a polititian who runs for public auto????

 

[joeyjoe666]

Just a FYI to a old thread. if you can DONT combine your insurance together, house/auto/etc.. You may save a few bucks, BUT if you ever make a claim to one of them, it effects ALL if they are bundled together and under the same policy. I found this out the hard way. While I now have them all separated, when I was completing this I had to disclose I made a claim on that policy, which hiked up my premium. After a year I was able to say I did not make any claims on my policy #xyz and my rates went down.

 

[fun-guy]

Always shop and negotiate, you would be surprised at the results. Mine went up as well, shopped around and saved over 15%.

 

[nottyboi]

My home insurance renewal just came in.

Another $200.00 increase over last year, which was a $200.00 increase over the year before.

Almost a 70% increase in 2 years. They now want a grand a year, whereas in 2008 it was $600.

Last year they told me that they had added a water ingress rider on my package (that I didn't ask for and I assumed I was covered for - wrong.)

I called up to complain and after talking to 2 different people (and listening to the song and dance about coverage and rebuilding costs, blah blah bah) I finally got transfered to a guy who was in charge. He said, in so many words, that the Insurers lost money last year on Home insurance to the tune of about $1.26 out for every $1.00 in. Like it or not, Home Insurance rates are going up. In fact, he said that Home Isurance rates are poised to DOUBLE in the next 5 years.

Holy fuck on that.

My question to the peanut gallery (homeowners) is:

Has your home insurance gone up 70% in the last 2 years?

They have tried to do this to me one in a while and quickly became my former insuance company. This year my rate has been flat. They tried to hike my car insurance as well...fired the MOFO's