Home Insurance

**blackcamaro** · 05-04-2010, 05:51 PM

I know this is more for motorcycle insurance questions but I was wondering if anyone has any recomendations for good rates on home insurance. Thanks in advance.

**Platinum Cycle** · 05-04-2010, 08:06 PM

Try Allstate or Pembridge.

**VifferFun** · 05-05-2010, 09:55 AM

Generally, you're best off bringing your home policy to the same provider as your car. Car insurance premiums are usually more expensive and more variable between insurers than home insurance. You get a pretty good discount on your car if you also have your home insurance with the same provider (known as the Multi-Line or Multi-Product Discount). This discount is usually around 15% to 30% depending on the insurer.

Sometimes, the dollar discount on your Auto Policy can even exceed the dollar premium for your habitational policy (especially for cheap policy's such as a renter's policy). I once purchased a Renter's policy because it essentially had "negative" premium . . . they paid me to take it. This is known as a "reversal", and it is something that insurer's try to avoid, but it is bound to happen for clients who have expensive Auto policies and cheap Habitational policies (such as people under 25yo who are renting). Just a tip

**GreyGhost** · 05-05-2010, 10:07 AM

I have my cars with Meloche Monnex, adding home insurance reduced the auto premiums by 15% or so the home insurance is basically free.

**blackcamaro** · 05-05-2010, 05:53 PM

Thanks guys. I am going to make a few calls tomorrow and start with the suggestions made here. I drive a company car so I don't have a auto policy, only the bike through state farm and I think I remember seeing somewhere that state farm was usually on the high side.

**Avi Singh** · 05-05-2010, 08:10 PM

All Home insurance is not created equal. Unlike auto insurance, home insurance is not regulated. Policy wordings differ from company to company. I would suggest to you that you shop for the best coverage, rather than the cheapest price. A home is usually your single largest investment, the best coverage would be highly reccomended. In most cases a home is anywhere from a quarter to half a million dollars, this is not a place to nickel and dime.

If this is your first homeowner policy, ask a broker or agent to walk you through the coverages AND the exclusions.

Good Luck,
Avi

**blackcamaro** · 05-06-2010, 12:37 PM

Thanks for the advice Avi. I did not know that home insurance wasn't regulated, that just seems odd to me. Anyways I won't and have not been shopping just for the cheapest price, just all around best package including price, coverage etc.

**Avi Singh** · 05-08-2010, 12:18 AM

Originally Posted by blackcamaro

Thanks for the advice Avi. I did not know that home insurance wasn't regulated, that just seems odd to me. Anyways I won't and have not been shopping just for the cheapest price, just all around best package including price, coverage etc.

Auto insurance is mandatory, and because of that the government has to regulate it. Home insurance is technically optional, and so they don't really regulate it. For most people though the policy isn't really optional, if you have a mortgage then the mortgage company makes financing contingent upon your having insurance coverages on the home.