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  #1  
Old 2007-04-10, 01:31 PM
Mark & Lynda Mark & Lynda is offline
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Default Home Insurance question

I just received my first statement and when I saw the annual premium my mouth almost dropped to the floor.

I've been with the same broker for over 20 years for my auto insurance and had my first home insured with them for 5 years. The premium on my first house which was 600 sq ft smaller was approx $400. The premium on this home is $780!! The amount listed for dwelling is more than what I paid for the house.

I called the broker today and they told me based on the information I provided, (sq footage, # of rooms, etc) and the picture of the exterior of the house they arrive at that dwelling amount. The amount is supposed to be what it would cost to rebuild the house which should be lower than what I paid. In order for them to recalculate the premiums I was asked to get from the builder a detailed written estimate of what it would cost to build my house. I don't even know if FG will do that for me but I'll have to try at the sales office. My other option is to raise me deductible from $500 to 1K or 2K or even 5K.

Has anyone else been surprised by the amount of their premium?
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Old 2007-04-10, 02:21 PM
klieu klieu is offline
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It's kind of high, is your house worth $1 million ??

What's your replacement to rebuild your house if you don't mind ?

I think the broker overcharge, why don't you shop around directly instead of broker such as TD, ING, PC, etc.
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Old 2007-04-10, 02:57 PM
mcalearm mcalearm is offline
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I would shop around for sure. I'm buying a new house and won't have it until Nov / Dec of this year and I called my insurance agent (sorry only here in Ottawa) and they gave me $635 annually.

I pay no deducitable, replacement value of $237,000, $2 million dollar liability and it covers up to $6,000 for jewellery, $18,000 for household goods and has insurance for sewer backing up.

I'm not an expert but from what I have been told it's pretty good?
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Old 2007-04-10, 03:30 PM
mart242 mart242 is offline
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Bump the deductible to 1000$+. There is no reason to file a claim if it's less than that because they'll screw you buy raising your rates.
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  #5  
Old 2007-04-10, 06:10 PM
Mark & Lynda Mark & Lynda is offline
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Quote:
Originally Posted by klieu View Post
It's kind of high, is your house worth $1 million ??

What's your replacement to rebuild your house if you don't mind ?

I think the broker overcharge, why don't you shop around directly instead of broker such as TD, ING, PC, etc.
My house is not even close to 1M.

I don't know what the replacement cost is to rebuild the house but I know the replacement cost they valued is more than what I paid and possibly more than market value today.
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Old 2007-04-10, 09:50 PM
klieu klieu is offline
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Quote:
Originally Posted by Mark & Lynda View Post
My house is not even close to 1M.

I don't know what the replacement cost is to rebuild the house but I know the replacement cost they valued is more than what I paid and possibly more than market value today.
I think you should shop around, stick with one company a loooonnnggg time is sometimes not good
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Old 2007-04-15, 08:42 AM
lilacs lilacs is offline
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I have been with my same insurance company for 20 years with my car with no claims or tickets and they also had my last home for 5 years with no claims. When I called for a quote on the new home, it seemed much too high, so I started shopping around. As a result of trading my history and loyalty, I have saved $500 a year on my auto insurance and got a reasonable $589 annual for my 1900 sq ft detached home (1 million, no contents). The rebuild cost was about $20,000 less than I paid for the house. I was never asked to provide a picture or get the builder to give rebuild estimate...that sounds crazy. I would definately shop around. FYI, I went with PC Financial. Murphy's Law kicked in and my car was hit just 2 weeks before the expiration, but I got the other party to settle in cash for the $1500 repair....whew! Make sure they know this is not your first home....my first estimate with PC was $144 higher becasue they thought it was my first home.
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Old 2007-04-17, 01:04 AM
Jon & Kate Jon & Kate is offline
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None of you have called your Good Neighbour State Farm Agent here in Stouffville .... where's the love?
Keeping the decuctible at $1000 is a good idea.

Happy Shopping!
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Old 2007-04-17, 01:51 PM
Mark & Lynda Mark & Lynda is offline
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Apparently the dwelling amount is based on approx. $150/sq ft according to another agent I spoke with. My current premium is based on 142.50/sq ft but my old policy on my last house which was in effect up to Aug 2006 was based on $96/sq ft.

How can the insurance companies raise it that much in less than 1 year?
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Old 2007-04-17, 03:35 PM
Jennifer Lyn Jennifer Lyn is offline
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Angry

How can the insurance companies raise it that much in less than 1 year?[.....]

Because they can.
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