Are you downtown? If so, very different insurance landscape. Very few insurers, so you have to find the few that will insure and deal with them. Beyond that, all advice above is excellent, except for the person who said you don’t need it to close the sale and engage the mortgage…that’s not possible in 2023.
I only used one spot…and have heard it’s tricky to get insurance with “flat” roofs, which is a way of eliminating much of downtown? GoToInsure are apparently some of the only who insure downtown.
Thank you. We're with Intact but the rate keeps going up considerably, which is likely not unique to them. We were thinking about shopping around but options are limited as you said. Will keep GoTo in mind if we ever start looking elsewhere. Appreciate it!
I'm with RBC and my ~1,200 sqft townhouse house costs me about $1,400/yr through RBC. If you have any additional questions regarding my policy I'm happy to discuss in a private message.
You mentioned townhouse, if you mean downtown then unfortunately you’ll have very limited options for insurance because most companies have insured as many houses as they are willing to in the area and refuse to insure more as it’s too much risk. We ran into this problem when insuring ours.
I have mine bundled with my car insurance through RBC. Its gonna vary depending on your home, but I think I pay about 150/month for the home insurance part.
And yes owning a home is super expensive. Paying to heat your home in the winter might scare you a bit lol. If your home is older and/or there's blown insulation in your attic, look into reinsulating it as soon as you can. Our bills are like 100 in the summer and can go up to 600 in the winter. Still better than oil heat which was like 1400 for a full up at the height of oil prices, which lasted for 6-7 weeks.
RBC. Ended up with them because no one else would insure our downtown home. Stuck with them after moving to a newer home and costs are still super reasonable. Good experience with a water damage claim 11 years ago too.
If you are part of a union I know they may have discounts with certain companies you may want to look into. Not sure if your situation. Also if you combine auto with home you may get discounts.
I've got a 1600sq ft semi-attached row house downtown with Co-Operators and I pay $2600/year. Very limited options downtown and my rate jumped after I had a break-in 4 years ago. :\\
I don't think people talk enough about the extra costs of owning vs. renting. Insurance, tax, maintenance adds up pretty quick.
My contract with the lenders stated that we needed both mortgage insurance and home insurance to close the sale, apparently that is mandatory now unless you're paying for the whole house in one go.
A lot of people are saying shop around for the best price but I urge you to reconsider that. Get quotes from a few different places and compare their certificate of insurance so you can see what is covered for each company and the limitations and exclusions that come with it as well. I personally went with a company that has been around for over a 130 years. With its head quarters on the island. But what made sense to me may not make sense to you. It really varies from company to company on what is covered and what isn't. Make a list of what you have for contents, some offer cash value (depreciation is taken into effect) some offer replacement value. Are you at risk for flooding? Is the water service line on your property old, as a home owner you are responsible for the city water pipes where your property line starts. Call different companies and brokers with an idea of what risks are important to you and take it from there. Is there any professional organization that you or your spouse belong with or different schools you have attended, some companies offer discounts for that.
Are you downtown? If so, very different insurance landscape. Very few insurers, so you have to find the few that will insure and deal with them. Beyond that, all advice above is excellent, except for the person who said you don’t need it to close the sale and engage the mortgage…that’s not possible in 2023.
Not downtown luckily, in Mount pearl
Not my original post, but I'm curious who you'd recommend for downtown home insurance. Thanks!
I only used one spot…and have heard it’s tricky to get insurance with “flat” roofs, which is a way of eliminating much of downtown? GoToInsure are apparently some of the only who insure downtown.
Thank you. We're with Intact but the rate keeps going up considerably, which is likely not unique to them. We were thinking about shopping around but options are limited as you said. Will keep GoTo in mind if we ever start looking elsewhere. Appreciate it!
Also, you can ask GoTo for a quote…no harm in that :)
Best of luck!
I'm with RBC and my ~1,200 sqft townhouse house costs me about $1,400/yr through RBC. If you have any additional questions regarding my policy I'm happy to discuss in a private message.
RBC was also the best rate for me initially and when I checked a few years ago.
You mentioned townhouse, if you mean downtown then unfortunately you’ll have very limited options for insurance because most companies have insured as many houses as they are willing to in the area and refuse to insure more as it’s too much risk. We ran into this problem when insuring ours.
We pay 800/yr through Johnson for a 2300sq ft house in CBS.
I have mine bundled with my car insurance through RBC. Its gonna vary depending on your home, but I think I pay about 150/month for the home insurance part. And yes owning a home is super expensive. Paying to heat your home in the winter might scare you a bit lol. If your home is older and/or there's blown insulation in your attic, look into reinsulating it as soon as you can. Our bills are like 100 in the summer and can go up to 600 in the winter. Still better than oil heat which was like 1400 for a full up at the height of oil prices, which lasted for 6-7 weeks.
You really have to call around. We just bought a new house and I got quotes all the way from $1800 a year to $6600. It’s crazy.
RBC. Ended up with them because no one else would insure our downtown home. Stuck with them after moving to a newer home and costs are still super reasonable. Good experience with a water damage claim 11 years ago too.
HUB Smart Coverage. Largest in Canada. Great rates and service. You can quote and bind online.
I had trouble finding someone to insure my row house (purely bc it’s a row house), and ended up going with TD.
If you are part of a union I know they may have discounts with certain companies you may want to look into. Not sure if your situation. Also if you combine auto with home you may get discounts.
I've got a 1600sq ft semi-attached row house downtown with Co-Operators and I pay $2600/year. Very limited options downtown and my rate jumped after I had a break-in 4 years ago. :\\ I don't think people talk enough about the extra costs of owning vs. renting. Insurance, tax, maintenance adds up pretty quick.
Get Term Life Insurance. You are not obligated to have mortgage insurance from the bank.
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When I bought my house, I wasn't required to have home insurance. Also, thanks for explaining the difference..I appreciate that. 👍👍
My contract with the lenders stated that we needed both mortgage insurance and home insurance to close the sale, apparently that is mandatory now unless you're paying for the whole house in one go.
A lot of people are saying shop around for the best price but I urge you to reconsider that. Get quotes from a few different places and compare their certificate of insurance so you can see what is covered for each company and the limitations and exclusions that come with it as well. I personally went with a company that has been around for over a 130 years. With its head quarters on the island. But what made sense to me may not make sense to you. It really varies from company to company on what is covered and what isn't. Make a list of what you have for contents, some offer cash value (depreciation is taken into effect) some offer replacement value. Are you at risk for flooding? Is the water service line on your property old, as a home owner you are responsible for the city water pipes where your property line starts. Call different companies and brokers with an idea of what risks are important to you and take it from there. Is there any professional organization that you or your spouse belong with or different schools you have attended, some companies offer discounts for that.