Discussions

It's that time of year again for me anyways just looking into what options are out there? Can you tell me where you get home Insurance and why or what tells you they are reputable and genuine and have value for your dollar? I have been a home owner for over 30 years and am 100% claims free never ever had a claim however the rates are going through the roof with my current provider  
looking for other options..thanks for your time

I felt the same way about our house insurance a few years ago. We've been homeowners since 2001 and never had a claim, but I felt that our rates were getting out of control.  
 
I called around a few brokers looking for quotes, and got several of them. They were all more expensive than what I was currently paying, for the same or less coverage!! So I went back to our regular broker and went over the policy with a fine-tooth comb to make sure it was appropriate and we got all our discounts, etc.  
 
So get a few quotes, it will be worth your time. You'll either find something at a better rate (make sure to compare terms, etc), or you'll be reassured you're getting a decent deal.

Read the fine print and make sure you have enough coverage to cover everything! We lost everything in the Ft Mcmurray fire less than 2 years ago and many families there didn’t have enough insurance or their policy didn’t cover things they thought was covered, I can’t stress this enough for everyone.

Have you spoken with your agent on options? I have been with Co-operators for 25 years. Last year I was looking at different options and a possible switch. I talked to them about it. A new policy came out which gave me a $1500 deductible which lowered my premiums about $15 a month, plus my first claim is free, second would have to pay $1500. But....if I make a claim every year after claims free adds $100 to my deductible to work back up to the $1500 again. After that policy I forwarded it off to Guild for pricing with others and they called me saying there is nobody to come close to touching my claim and I had the best claim possible. Good to know.

By saying you have the the best claim possible are you referring to just price? Did you read the entire claim to make sure you have enough coverage incase of a total loss of your home and all its contents?

MBTONY said "Read the fine print and make sure you have enough coverage to cover everything! We lost everything in the Ft Mcmurray fire less than 2 years ago and many families there didn’t have enough insurance or their policy didn’t cover things they thought was covered, I can’t stress this enough for everyone. "

Also research the insurance company. Google, check online for court action against them. Look for any news articles/stories. i.e. Fort McMurray stories. This can be via google, Facebook, etc.  
Do they stand by you/their "coverage" should you suffer a loss, particularly a significant loss. Do they utilize third party adjusters? How are the outside adjusters compensated? Do they reward employees for reducing payouts?  
 
I am all for saving money - but, feel it is more important to ensure the company is reputable, and will have you & your family's back should you ever need to utilize the insurance.

I am going to be looking into purchasing my first home this spring some time. Can someone tell me what the average cost per month is for home insurance? I have a rough idea but I know how most of these things work, extra fee this, extra fee that.

Whoknows123 said "I am going to be looking into purchasing my first home this spring some time. Can someone tell me what the average cost per month is for home insurance? I have a rough idea but I know how most of these things work, extra fee this, extra fee that. "

It's impossible to give a ballpark number without knowing how much coverage you get, etc. The value of the house, contents, finishings in the house, etc. I've paid as little as $350/year for some houses I've lived in, and as much as $1100 for others, depending on the value of the house and the level of coverage.

Age of the house, wiring, plumbing (they do not like cast iron), the town, distance to fire hydrant, fire station.  
 
I too have paid as little as $350 and as high as $1000.  
 
The small city I live in has a very high level of fires. The area of Winnipeg I lived in had a very low level of fires. Guess where I pay more? Here, not Winnipeg.

There are so many variables to your insurance now. With so many disasters all over North America insurance rates can do nothing but go up. All the companies use basically the same underwriters, so your insurance costs vary with what you need yourself. You just have to decide what fits your budget and what makes you feel comfortable if you have a loss.

MBTONY said "By saying you have the the best claim possible are you referring to just price? Did you read the entire claim to make sure you have enough coverage incase of a total loss of your home and all its contents? "

They looked at total claim. What is covered, deductibles, cost, etc. I am covered for what I need and a slight bit more. There is no need to over insure yourself as you don't get the extra money. Also I pay more for replacement cost not what an items is valued used. There are max amounts for jewelry, etc. Watch those max amounts. My boat is covered under insurance, when I upgrade the cost will exceed my house insurance max so will need extra insurance for that. Due to being in a modular home I didn't need sewer back up but made sure if my washer line blew or something like that I was still covered which I am.

Integritynhonesty said "    MBTONY said "Read the fine print and make sure you have enough coverage to cover everything! We lost everything in the Ft Mcmurray fire less than 2 years ago and many families there didn’t have enough insurance or their policy didn’t cover things they thought was covered, I can’t stress this enough for everyone. " Also research the insurance company. Google, check online for court action against them. Look for any news articles/stories. i.e. Fort McMurray stories. This can be via google, Facebook, etc.   Do they stand by you/their "coverage" should you suffer a loss, particularly a significant loss. Do they utilize third party adjusters? How are the outside adjusters compensated? Do they reward employees for reducing payouts?     I am all for saving money - but, feel it is more important to ensure the company is reputable, and will have you & your family's back should you ever need to utilize the insurance. "

Read in to this select a company that will pay if needed. I have friends who live in fort Mac they are still fighting insurance for cost of repair and replacement. We use a company we have dealt with for years and have always been fair. They might be the most expensive but if they come through when you need them it is worth it. I do not even shop price my agent last year spent her time looking for cheaper rates when she called she offered me options I asked what was a matter with the company I used she said nothing but some other companies are offering a better deal. I asked are they good to deal with she answered they are ok. I asked my present company are they good to deal with she said they are excellent to deal with. So I asked does it make sense to change companies for $105 a year? She answered well if you look at it that way it does make sense for her to change to the same company I deal with.  
 
Insurance is the only thing you will ever buy and hope that you do not use it. By the way I highly recommend SGI Canada.

Check them out. I went around and compared apples to apples and got more coverage and lower payment thru them.

broker will have access to different underwriters so met with more than one broker and ask who they deal with.  
 
i agree too many unknowns to give any kind of a guesstimate.  
 
one thing to do that may improve your standing, if you are renting, get tenant insurance if dont have it already. that is pretty cheap and it gives you a "score" with the insurance companies when you upgrade to house owner insurance.  
 
insurance is not cheap, not any more.

As they had the best rates and coverage for what we needed. In one year they jumped almost $200. When I went in to question why it turned out we were paying for some things we would never need. Our deductible was set at $500 instead of $2000 and that made a huge difference for us. Another thing to consider that we didn’t was glass insurance for windows. Our big picture window broke and we didn’t realize it wasn’t covered under our policy which sucked. We pay around $900 every year for a 1200 sq ft bungalow with a garage and two outbuildings (sheds) and a partially finished basement - we live in a small town outside Brandon though.

Lookandlearn said "Check them out. I went around and compared apples to apples and got more coverage and lower payment thru them. "

CAA is agent not the actual insurance company. When we were in Alberta 30 years ago we went to CAA/AMA what we found out later our insurance was actually through Prudential and CAA/AMA had bought down our policy. So when we needed insurance for wind damage and needed insurance we still had to go through a 3rd party adjuster. Was a bit of a hassle maybe it is better now.