Cornholed on house insurance? | GTAMotorcycle.com

Cornholed on house insurance?

happycrappy

Well-known member
Site Supporter
Just sharing the info - 32 year customer of the Personal insurance for auto and home. Recently went to cancel my renters insurance for a recent house purchase and they quoted me $4500 a year for just the house! With my discount even (over 5 grand if I was a new customer). I did escalate to management, but got the usual runaround. TD came in at 1400 bucks with some enhancements in coverage, but Damn, what is the Personal doing? Rant over, I guess that's just more typical insurance rape.
 

Allistonfjr

Well-known member
House insurance is getting crazy. Mine has tripled in the last 10 years. No clams. $800/year to $2400/year.
 

crankcall

Well-known member
Site Supporter
mine is about $1400 on 1m replacement, 40k rider/jewelery, 30k rider / woodworking machinery-tools. 20k rider/sporting goods-bicycles ect.
3yr history with this company , NorthWest Ins. , I had never heard of them, broker suggested.
 

GreyGhost

Well-known member
Site Supporter
When I changed houses, I stayed with TDMM. New house is bigger and has a pool. New house was worth ~double, house insurance ~tripled.
 

Malks

Well-known member
Wow, where do you guys live? Homeowners insurance for our townhouse in Orangeville was less than $600/year when we renewed in September. Mind you our house is valued at just over $600K, so that probably makes a huge difference.
 

GreyGhost

Well-known member
Site Supporter
Wow, where do you guys live? Homeowners insurance for our townhouse in Orangeville was less than $600/year when we renewed in September. Mind you our house is valued at just over $600K, so that probably makes a huge difference.
Does postal code matter as much for house insurance as it does for auto insurance?

My old house was a detached and was ~$1000 per year.

The new house is ~$3500. 2500 for 5M coverage for house and contents (house is not remotely worth that much but TDMM only has a few bins they can drop you in), 700 for sewer backup (with 25K limit, that sucks), 150 for ice damming (with 2M limit). Since it was brought up in another thread, the personal umbrella to increase my liability insurance by 1M on all listed vehicles is $81.
 

sburns

Well-known member
Of course it went up, look at all the natural disasters, bad weather, flood, etc happening in the past year or so........ :rolleyes: :rolleyes: :rolleyes:
When the gov is talking about discrimination, are they talking about insurance??
jk
 

Mad Mike

Well-known member
When I changed houses, I stayed with TDMM. New house is bigger and has a pool. New house was worth ~double, house insurance ~tripled.
Yikes! I’m with TDMM, never had a claim, mine is $1050/year. I have sewer, 1m liability umbrella, and pay extra to cover a detached garage. I don’t recall the coverage limits, I do know they are way higher than replacement costs I also get dinged extra for a detached garage with apartment and pool.
 

GreyGhost

Well-known member
Site Supporter
Yikes! I’m with TDMM, never had a claim, mine is $1050/year. I have sewer, 1m liability umbrella, and pay extra to cover a detached garage. I don’t recall the coverage limits, I do know they are way higher than replacement costs I also get dinged extra for a detached garage with apartment and pool.
That would be much nicer. There is probably a shed in my price too but it wasnt listed on the summary I pulled up. I've never had a claim, I'm not sure what is driving the rate so high. To save a few thousand a year, I will try to get some other prices.
 

happycrappy

Well-known member
Site Supporter
That's the goofy thing; no pool, no fireplace, garage is detached and its a fully detached house. Makes me want to open a weed dispensary in the shop lol.
 

pfbmgd

Well-known member
Insurence industry owns the government . How many parties have taken on the insurence companies . Each time we pay more and get less for our money . This year will be a record year for profits.
 

Mad Mike

Well-known member
That's the goofy thing; no pool, no fireplace, garage is detached and its a fully detached house. Makes me want to open a weed dispensary in the shop lol.
That detached garage (any outbuilding) adds a lot to insurance costs. When I closed in my attached garage and built a detached -- insurance went up $250.
 

Allistonfjr

Well-known member
Just did an online quote. TD best price was $2100. I'd save a whole $300 to change.
 

Michelle Edwards-Allstate

Member
Insurance Specialist
Feel free to give me a call 289-460-3943 for a home insurance quote. I'm with Allstate insurance, and also the Insurance Specialist Sponsor for GTA.
Home insurance pricing is based on a lot of things, location (postal code), age of your home, square footage of your home, age of your roof and hot water tank, how long you have had insurance, how many mortgages you have, your insurance score, how your home is heated and how many people live in your home. You should always insurance your car and home with the same insurance company, so you receive the maximum discounts. I saw a comment about the Government and insurance, the Ontario Government does regulate Auto insurance but they do not regulate home insurance.
 

ReSTored

Well-known member
I looked at my Quicken info, last 9 years with the Personal, Mississauga.

YearPaid% Inc.
2011​
$678​
2012​
$595​
-12.2%​
2013​
$647​
8.7%​
2014​
$698​
7.9%​
2015​
$690​
-1.1%​
2016​
$719​
4.2%​
2017​
$765​
6.4%​
2018​
$804​
5.1%​
2019​
$808​
0.5%​
2020​
$875​
8.3%​

Looks like I haven't been doing too bad, expecting renewal letter in a few weeks, hopefully no surprises.
 

happycrappy

Well-known member
Site Supporter
Feel free to give me a call 289-460-3943 for a home insurance quote. I'm with Allstate insurance, and also the Insurance Specialist Sponsor for GTA.
Home insurance pricing is based on a lot of things, location (postal code), age of your home, square footage of your home, age of your roof and hot water tank, how long you have had insurance, how many mortgages you have, your insurance score, how your home is heated and how many people live in your home. You should always insurance your car and home with the same insurance company, so you receive the maximum discounts. I saw a comment about the Government and insurance, the Ontario Government does regulate Auto insurance but they do not regulate home insurance.
Thank you - Allstate did come in at double the rate I got from TD. Obviously based on the same criteria of what would be insured, so I won't pursue that further.
 

sburns

Well-known member
Thank you - Allstate did come in at double the rate I got from TD. Obviously based on the same criteria of what would be insured, so I won't pursue that further.
They really try to sell the bundle idea, but that is because their rates are higher, then the bundle looks good, but it's only to get more of your busienss. They also have single policy fee, so if you don't bundle and only insure 1 item with them they add an extra charge. :confused:
 

GreyGhost

Well-known member
Site Supporter
They really try to sell the bundle idea, but that is because their rates are higher, then the bundle looks good, but it's only to get more of your busienss. They also have single policy fee, so if you don't bundle and only insure 1 item with them they add an extra charge. :confused:
There have been a lot of studies that show the more products you have, the lower the likelihood you will switch. That's the real reason for bundle discounts. Switching one thing is easy, switching four or five is a huge pain in the ass.
 

nobbie48

Well-known member
Site Supporter
If you live in a million dollar house what do you need in coverage? The lot doesn't burn downs so it's liability, house replacement and contents.

An agent friend cautioned me that too many people don't allow enough for alternate accommodation which is often a small percentage of contents.

A friend had his house severely damaged in a fire and had limited coverage. The insurer had the smoke damaged clothes, furniture and drapes sent for cleaning and storage until the house was fixed. Those costs came out of the limited coverage.

When the house was fixed, a good portion of it out of his pocket due to the policy limits, the clothes, drapes and furniture were returned. They still smelled of smoke and had to be thrown out. They should have used the insurance money to pay for more of the repairs.

I'm guessing new construction starts around $300 a square foot. Would a repair be more due to having to match new to old?

Liability is a crap shoot. It covers a lot of incidentals, Your tree falls on something. The guy you hired to clean the eaves takes a tumble. Your bicycle or fishing boat hits something.

The insurers worry about climate change, civil unrest, fraud, economics and quite possibly the decline of human intelligence as policy risks. IE the lady that set fire to her condo by using a candle instead of a flashlight to look under a bed.

I wonder what goes through an underwriter's mind when they cover hurricane prone Florida, firestorm California or rioting Michigan.
 

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