Home Insurance Premiums

[albertGQ]

So I just got my home insurance renewal notice from TD Meloche Monnex.

It went up a whopping 40% (from $545 to $763). Not only that but my deductible went up 100% (from $500 to $1000).

The lady told me it went up due to the hail claims in 2012. So you know next year will probably see higher increases due to the flood.

Anyone else face similar increases? I already bundle with my car insurance and I'm a UofC Alumni.

I even increased my deductible to $1500 to save myself about $30/a

[G-ZUS]

Originally posted by albertGQ
So I just got my home insurance renewal notice from TD Meloche Monnex.

It went up a whopping 40% (from $545 to $763). Not only that but my deductible went up 100% (from $500 to $1000).

The lady told me it went up due to the hail claims in 2012. So you know next year will probably see higher increases due to the flood.

Anyone else face similar increases? I already bundle with my car insurance and I'm a UofC Alumni.

I even increased my deductible to $1500 to save myself about $30/a

TD sucks balls My car insurance with them went up from 760ish to 997/year. They couldn't really give me a straight answer as to why when I called and asked them why. I ended up calling around and everywhere else was cheaper from 591-800's. ended up going with another company for $620/year

[schocker]

Due to the hail, my TD MM house insurance went from $375 to $500. I think my deductible stayed the same. This was April 2013
I had auto insurance with them until they wanted me to renew my policy on my volvo with no collision to be as high as I was paying when I had my g35

[Env-Consultant]

I have my home and auto on the same policy through RBC. I've had 3 accidents - 2 deer and one story where I drove through a garage that I'd rather not tell here

With that said, they were incredible to deal with during each claim process and I never had any issues. In terms of pricing, just go online and get a shitpile of quotes. I was using a local broker from just outside of the small town I grew up in before moving to YYC - my truck insurance at that time was more than my/my girlfriend's truck + car and our house currently area

[roopi]

Originally posted by Env-Consultant
one story where I drove through a garage that I'd rather not tell here

Lets hear the story since you already mentioned it.

[ercchry]

mine went up too... no claims, not in a flood zone...

[Env-Consultant]

Originally posted by roopi


Lets hear the story since you already mentioned it.

It's abso-fucking-lutely ridiuclous, but at this time, we can laugh about it - lucky as piss nobody got hurt.

I was checking on my buddy's house one evening while he and his wife were away in Mexico. They live on an acreage outside of Calgary with a long laneway and there was a huge dump of snow that day. Prior to that, it had melted and froze, resulting in pure ice being present under the snow. It was impossible to see where the laneway edges were and about 20 feet from the garage, my rear driver-side tire slipped off the driveway into some really deep snow. Being that I was out there by myself and didn't want to shovel myself out for an hour, I punched the gas to give myself a quick shot up and out of the "ditch" while I still have some forward momentum.

This is where it gets fun. I had my Ford factory rubber floormats in - I do oilfield work and would never consider cloth/fabric ones - they're about 1/2 to 3/4 of an inch thick. I had just cleaned them 2 days before that and stuck it back on the hook near the driver's seat. Sometime between then and that fateful evening, that clip broke.

Like I said, I use my truck for work and am constantly in/out of it, so maybe it got caught on my boot/pulled and ripped the securing hook out. Long story short, the floormat slid up under my gas pedal at some point and when my gas pedal was near floored, it caught on it and didn't release. So immediately the fucking thing redlines - now I'm about 10 feet from the garage and hammering the brake to no avail. I smash my gear selector forward once, twice (you need to pull the handle/button in to move it - at the time, my brain wasn't working so methodically) - now I'm in the garage, smashed a shitload of studs out of the wall, push a fridge through the back wall, destroyed a plethora of tools. The impact must have knocked my foot against the pedal and stopped it finally.

Turned it off. Pulled the truck out of the garage, of course, after removing the miter saw wedged underneath it. Cleaned up. Called insurance. Figured out why the pedal got stuck/how it did. Replaced hook + floormat.

Waited until my buddy's flight got in 2 days later and called him at the airport. I literally puked a few times from the Friday it happened until the Sunday he got home - he's an awesome guy, but I drove through his fucking garage. He didn't believe me at first and once I convinced him, he laughed his ass off. Very lucky he's a good guy.

My insurance covered everything. He had to go through his home insurance so he could get all of his tools 100% replaced (via cash) - they even replaced his shitty old Christmas lights from a garage sale with cash value for present day LEDs. My insurance then paid his insurance company.

In the end, my truck had about $8000 worth of damage - the garage door ended up in the back of my truck, but there wasn't any major body damage - mostly scratches. He ended up getting a new garage door, new trim, a pile of cash for his tools + fridge, all of the studs replaced along the walls, etc - it wasn't a bad deal for him in the end, more of a headache.

It really sucked though. I get that I should've kicked the gas pedal quickly or just turned the keys off, but until your in that situation, you don't really play that scenario out in your head.

[roopi]

Sounds like a scary situation but makes for a great story to laugh about now.

[ercchry]

ha! thanks Bill! property coverage is now not increasing next year

[eblend]

what is everyone paying for house insurance? I remember when I first got house insurance it was like $35 per month....my parents just got a new house (had a condo before) and their house insurance is about $100.....went up $20 since the last few month before just being renewed.

[slammedfc]

Originally posted by Env-Consultant


Long story short, the floormat slid up under my gas pedal at some point and when my gas pedal was near floored, it caught on it and didn't release. So immediately the fucking thing redlines -

had this happen in my 6.5 turbo deisel flat deck . was not fun, but i didnt hit anything luckily!

[Masked Bandit]

The other thing everyone with TD / MM who renew after October 1st need to watch out for is a $15,000 cap on all sewer back-up claims. I don't know if / how they are informing clients but when doing quotes we point it out to clients and they had no idea. I'm not 100% sure but I think AMA is following the same general plan of attack.

[Masked Bandit]

Originally posted by ercchry
ha! thanks Bill! property coverage is now not increasing next year

You're welcome!

FWIW, to all the people out there that own houses (not condos), it's going to get a lot worse before it gets better. We (brokers) are being told by the insurance companies to expect increases of anywhere from 15% - 30% per year for the next two, maybe three years. Don't shoot the messenger, it's just what we're being told.

[Tik-Tok]

Originally posted by Masked Bandit


You're welcome!

FWIW, to all the people out there that own houses (not condos), it's going to get a lot worse before it gets better. We (brokers) are being told by the insurance companies to expect increases of anywhere from 15% - 30% per year for the next two, maybe three years. Don't shoot the messenger, it's just what we're being told.

I think it's awesome that it's completely legal for insurance companies to charge people with no claims more every year, to cover the costs of people with claims. All the while posting annual profits.

Talk about socializing losses, and privatizing profits.

[nzwasp]

Originally posted by Tik-Tok



I think it's awesome that it's completely legal for insurance companies to charge people with no claims more every year, to cover the costs of people with claims. All the while posting annual profits.

Talk about socializing losses, and privatizing profits.

Its like the alberta govt pension plan except we wont see any benefit when we retire.

[403Gemini]

Originally posted by Tik-Tok



I think it's awesome that it's completely legal for insurance companies to charge people with no claims more every year, to cover the costs of people with claims. All the while posting annual profits.

Talk about socializing losses, and privatizing profits.

FWIW, Insurance companies bleed money with property insurance, they aren't profitable at all from property premiums. Instead they make the majority of it from their auto premiums. Least that's how it was about 4-5 years ago. And yes, the point of insurance is to spread the risk/loss among the many for the "few" that are impacted. If anything, blame your neighbors who report anything from a toilet over flowing to "my neighbor got a new roof, I demand a new one too, even though mine is only 2 years old and doesn't actually have damage!"

[guessboi]

Yes the increases right now are a result of hail claims from the past few years.
It will go up even more when they factor in the flood claims from this year.

Direct writers - TD, CDI, etc all have a cap on sewer back-up claims.
Also make sure you guys know what you are covered...house insurance is not as easy to understand as auto insurance.

[403Gemini]

Originally posted by guessboi
Yes the increases right now are a result of hail claims from the past few years.
It will go up even more when they factor in the flood claims from this year.

Direct writers - TD, CDI, etc all have a cap on sewer back-up claims.
Also make sure you guys know what you are covered...house insurance is not as easy to understand as auto insurance.

Especially water. Water is typically worded that all of it ISN'T covered, except for a few things that make it covered (sewer backup endorsement, or a sudden/immediate escape of water from a water fixture ie. a pipe) - leaky roofs/foundation , condensation, slow leaks like under your sink etc are things that aren't typically covered

[ipeefreely]

Originally posted by Masked Bandit
FWIW, to all the people out there that own houses (not condos), it's going to get a lot worse before it gets better. We (brokers) are being told by the insurance companies to expect increases of anywhere from 15% - 30% per year for the next two, maybe three years. Don't shoot the messenger, it's just what we're being told.

Is that all of Alberta or just southern Alberta? You guys have had way crazier storms than us!!!

[guessboi]

Originally posted by ipeefreely

Is that all of Alberta or just southern Alberta? You guys have had way crazier storms than us!!!

From what I heard...Yes all of Alberta