Best Home Insurance policy?

[Marsh]

Hey Guys,

My wife and I just bought our first home (in process of closing sale) and need home insurance. Who do you guys use for your insurance? Pros? Cons?

Major thing I'm looking for is replacement cost of roof in case of hail damage etc. Seems like most are only doing on a depreciation basis (ie. cover 30% of damage)

Thanks
Marsh

[ExtraSlow]

Touchstone has been good for me, and they are for sure helpful with questions.

They are a brokerage, and currently they mostly insure clients though Intact I believe. They may have access to other products.

As for that roofing thing, I think it's getting very rare to do hail replacements on anything but a depreciated basis.

[Marsh]

Thanks Slow. I will give them a call for sure. Do you mind me asking what sort of premium you guys are paying? I've been getting quotes all over the map, lowest was $1860/yr up to $3320/yr.

[ExtraSlow]

comparing premiums with strangers on the internet isn't very useful. There are so many factors.
I currently have a house, and four vehicles insured with them.

When I switched from TD insurance, my premiums went down and my coverage is slightly better.

Best bet is to get a few quotes. You can probably do that online, although I think your service with Touchstone will be faster with an old-school phone call.

[mr2mike]

Originally posted by Marsh

Major thing I'm looking for is replacement cost of roof in case of hail damage etc. Seems like most are only doing on a depreciation basis (ie. cover 30% of damage)


Pretty sure that's how roof's are covered. Over time things depreciate.
Like how they don't go buy you a new Audi when your 2002 Audi gets written off.

[jwslam]

Originally posted by mr2mike
Pretty sure that's how roof's are covered. Over time things depreciate.
Like how they don't go buy you a new Audi when your 2002 Audi gets written off.
Not sure I agree with that analogy.

Does my car insurance drop as the car depreciates? Yes.
Does my home insurance drop as the roof depreciates? No

Car is written off. They provide me $$$ for the market value of the car. As such, with this money, I can take it and get a car of similar age, and provides me with the same service.

If they provide me $$$ for 30% of my roof replacement, is that enough to get me a roof that provides the same purpose? No.

Back to op: http://forums.beyond.ca/st/403479/anyone-else-getting-screwed-on-home-insurance-premiums/

[mr2mike]

I guess I never read or challenged this more but I've purchased houses where the roof is not covered at all due to the age/disrepair. Also where roof is covered for 50% max of replacement cost. Again, due to age.
These scenarios were before I went with Touchstone insurance.

Yes probably any analogy is going to have complications in the details.

No, the $$ for 30% isn't going to get you a new roof. It is there to provide you for the portion of what was remaining on the roof and heaven forbid the home owner saved some $ to pay for the roof maintenance.

[lee88]

I have house insurance with Aviva and they have been very quick with our claim when we had roof damage from a windstorm. A family member had a basement flood and they had nothing but great things to say about Aviva and very quick to act.

[roopi]

Originally posted by Marsh
Thanks Slow. I will give them a call for sure. Do you mind me asking what sort of premium you guys are paying? I've been getting quotes all over the map, lowest was $1860/yr up to $3320/yr.

I'm assuming if you are receiving quotes like that the home is valued over 1 million or you are insuring jewelry as well? Or is this based on the roof replacement?

[Xtrema]

$600K rebulid
$500K content
$1M liability

$1600/yr AMA

14 year customer, no claims.

They won't pay for a new roof because my rotting shake roof is considered a manufacturer defect (which is true, supplier fucked up in my hood in the 90s deliver non-treated shakes). Also no discount when I switched to a 50year warranty composite clay. In theory, my house will fall before I need another roof. In theory.

Rule of thumb, use $200/sqft (2017) to determine your rebuild cost/coverage and adjust if over time as it inflates. I started out at $200K 14 years ago.

[nickyh]

i just switched from TD to Aviva, even got overland flood coverage and beefed up other areas that were low (sewer backup) and my rates dropped.

Used a broker.

[Marsh]

Originally posted by roopi


I'm assuming if you are receiving quotes like that the home is valued over 1 million or you are insuring jewelry as well? Or is this based on the roof replacement?

Its around the 1mm mark plus some jewelry. Nobody i have talked to so far will do full replacement of roof, only partial coverage based on depreciation

[speedog]

Originally posted by Xtrema
$600K rebulid
$500K content
$1M liability

$1600/yr AMA

14 year customer, no claims.

They won't pay for a new roof because my rotting shake roof is considered a manufacturer defect (which is true, supplier fucked up in my hood in the 90s deliver non-treated shakes). Also no discount when I switched to a 50year warranty composite clay. In theory, my house will fall before I need another roof. In theory.

Rule of thumb, use $200/sqft (2017) to determine your rebuild cost/coverage and adjust if over time as it inflates. I started out at $200K 14 years ago.

Very comparable to our AMA insurance rate for our home, 26 year customer on home, 36 years on auto, 3 hail claims on two homes, no issues, no complaints.

[killramos]

See I thought my insurance was high, then I read this thread :nut: