House Insurance Premium
- Thread starter SkyRider
- Start date
I'm with Allstate and mine went up as well! I called my agent and she fiddled with some numbers and it got it down a little bit she said they're up in Canada in general.
Here is a thread I started a few years back on the issue:
https://terb.cc/vbulletin/showthrea...s-increasing-dramatically&highlight=insurance
Since that time, my trials and tribulations with Home Insurance have continued.
I had Home insurance with TD Meloche Monnex since 1996 and their rates were always stable. Then, as per the thread above, they started to increase dramatically. I had reduced the bells and whistles on my policy and got it down to around $1,200.00 I believe (which was still double what I was paying a few years prior)
In 2013 I did a major renovation and I called Monnex to tell them that I wanted to make sure that I had insurance to cover the place while it was being worked on, specifically, if a worker fell and was injured and the like. They asked me a series of questions about what I was doing, etc. and told me that it would be another $600.00 (for a total of $1,800.00) to do what I wanted.
But they mislead me.
When I got the documents, I discovered the increase was simply to reflect the increased size of the house . I called them up in a fury because they were fucking me around (again). I told them that that was not what I asked for, I asked for liability to protect me should a worker injure himself while working on my house. They hemmed and hawed and eventually agreed that that was what I was paying for.
Fine.
Then the next years renewal came in and by that time, all major structural work was done, etc. and to my surprise, my premium was still $1,800.00. I called them up again and blah blah blah and they told me that the increased premium was to reflect the increased worth of my house. (In short.) So they fucking lied to me.
In addition, they had lowered the water infiltration damage rider from $50k to $15k as a result of claims stemming from the great rains we had in the summer of 2013. So not only had they jacked my rates, they lowered my coverage too.
Fuck Monnex. I shopped the policy around and found "The Personal" would give me insurance for $1,000.00 a year. Still expensive when you compared it to what I was paying a few years prior, but a hell of a lot better.
Then Monnex raised my auto rates (because I had been supposedly enjoying some discount for having both Home and Auto with them), so I cancelled my auto policy with them too.
So, I had been a client of Monnex since 1990. 24 years with no claims at all. And they fucked me around and fucked me around and fucked me around, so I took my business elsewhere.
https://terb.cc/vbulletin/showthrea...s-increasing-dramatically&highlight=insurance
Since that time, my trials and tribulations with Home Insurance have continued.
I had Home insurance with TD Meloche Monnex since 1996 and their rates were always stable. Then, as per the thread above, they started to increase dramatically. I had reduced the bells and whistles on my policy and got it down to around $1,200.00 I believe (which was still double what I was paying a few years prior)
In 2013 I did a major renovation and I called Monnex to tell them that I wanted to make sure that I had insurance to cover the place while it was being worked on, specifically, if a worker fell and was injured and the like. They asked me a series of questions about what I was doing, etc. and told me that it would be another $600.00 (for a total of $1,800.00) to do what I wanted.
But they mislead me.
When I got the documents, I discovered the increase was simply to reflect the increased size of the house . I called them up in a fury because they were fucking me around (again). I told them that that was not what I asked for, I asked for liability to protect me should a worker injure himself while working on my house. They hemmed and hawed and eventually agreed that that was what I was paying for.
Fine.
Then the next years renewal came in and by that time, all major structural work was done, etc. and to my surprise, my premium was still $1,800.00. I called them up again and blah blah blah and they told me that the increased premium was to reflect the increased worth of my house. (In short.) So they fucking lied to me.
In addition, they had lowered the water infiltration damage rider from $50k to $15k as a result of claims stemming from the great rains we had in the summer of 2013. So not only had they jacked my rates, they lowered my coverage too.
Fuck Monnex. I shopped the policy around and found "The Personal" would give me insurance for $1,000.00 a year. Still expensive when you compared it to what I was paying a few years prior, but a hell of a lot better.
Then Monnex raised my auto rates (because I had been supposedly enjoying some discount for having both Home and Auto with them), so I cancelled my auto policy with them too.
So, I had been a client of Monnex since 1990. 24 years with no claims at all. And they fucked me around and fucked me around and fucked me around, so I took my business elsewhere.
I think at the end of the day, the insurance companies are losing money (or not making as much) in the stock market, so they pass the hit onto their customers.
This is a big effect. Insurance companies, particularly life insurance companies, are large players in the stock market.
James, when you did the house work, the workers should have been covered by WSIB, which would be through the company they work for that you hired to do the renovation. Even if you were acting as the General Contractor yourself and hiring subs, you should have been dealing with WSIB, not your house insurance.
It is amazing though the "rate creep" companies will do to longtime customers. Because they think we are stupid or lazy and won't take the time to shop around every couple years or so. And for the most part, they are right.
It is amazing though the "rate creep" companies will do to longtime customers. Because they think we are stupid or lazy and won't take the time to shop around every couple years or so. And for the most part, they are right.
2 questions.
1) How do we know if they are covered by WSIB?
2) If they are not covered by WSIB for whatever reason, does the liability default to the homeowner?
Almost all of the insured and licensed contractors pay WSIB and have the documentation to show it. It is a pretty standard request in both home and commercial work. Some companies place the documentation on their website, and/or inside the bid documentation. Commercial companies care that they are not on the hook for WSIB related accidents.
Yes, the homeowner is legally responsible for all lawsuits. Look out if someone is injured, and WSIB catches people without insurance.
Yes, the homeowner is legally responsible for all lawsuits. Look out if someone is injured, and WSIB catches people without insurance.
Mine actually went down about $76 for the year. not a big drop but i'll take it..LOL we got the insurance back in 83 and have a 200 deductable, I just had a meeting with the inxurance broker 2 weeks ago and she told me that we could get a big drop in our house premiums if we up'ed our deductable to 1000 or 1500..I said nope keepin it where it is.
Maybe. But why did you think it wouldn't go up to reflect the increased value of your home?
CONTRACTORS CAN PROVIDE PROOF OF WSIB UPON REQUEST. iT SHOULD BE NO BIG DEAL FOR SOMEONE REPUTABLE TO PROVE.
I am self-employed, no workers, WSIS will not give me coverage, I am only allowed to work for private owners. No busineses or they can be fined
Interesting:
My house insurance went up almost 100% and when I asked for a quote by another insurance company, it was even more expensive.
My explanation: house prices in my neighbourhood increased and the replacement value had the impact on the premium.
Funny, when someone sell a house in my vicinity, it is usually torn down.
Fleckerl
My house insurance went up almost 100% and when I asked for a quote by another insurance company, it was even more expensive.
My explanation: house prices in my neighbourhood increased and the replacement value had the impact on the premium.
Funny, when someone sell a house in my vicinity, it is usually torn down.
Fleckerl
That seems strange considering the U.S. markets are at record highs as are several other markets around the world. Anyone whose lost money over the last few yrs. must be a terrible stock picker.
I'm with them too, and heartily recommend 'em. I've had a major claim with them which they handled promptly and professionally. Plus my rates have barely budged over the past however many years.
Materials and labour have gone up? The insurance company isn't replacing your land, which is the big driver.
