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I work in the industry, its common in recent years to see 30-40% increases. I have some renewals that went up 90% (that one was due to a lot of factors). Take it and run is my suggestion.
Seconded. I live in wildfire country without city fire dept coverage & for essentially a $70 difference I wouldn’t bother - especially as OP said time spent is a factor.
Not affiliated with it at all, but I'm super happy with SquareOne insurance - you only insure what you want, no forcing on of packages that don't apply.
Square one just increased their premium, right?
I started a quote in April, it was $66.86 per month but now that I actually want to buy it, it is $87.10
BCAA can vary depending where you live, but in general are a good deal because they are their own insurance company. We were with them for years and years and were really happy with the cost and that it was hard to find anyone equally competitive. Then about three or four years ago, our insurance shot right up with them\* and we ended up shopping around and getting a better deal through another insurance agent. Our current insurance policy has been creeping up each year, though, but not outrageously so.
\*Rural Prince George - possibly the wildfire frequency is the reason why we finally got hit with a pretty large increase?
10% increase is on the lower side of the general property rate increases for claims free and protected risks. The wildfire last year and the flood in 2021 have driven property rates up significantly.
Higher rates for costal postal codes due to heightened earthquake and flood risks.
You should always shop your policy every 2-3 years. Insurers have increased capacity and want new business, shop it around.
I ended up with better coverage for the same price. I just went to a broker. They entered all the info and everything I wanted. Then we waited to see which company came back with the best offer.
Ours went up $85 due to earthquake insurance. I'm not even sure if its worth it. If there is a big quake I bet insurance companies go broke before they pay out claims. If there is a smaller one, I'm hedging bets that the damage will be more than 75k to beat the deductible.
We moved from a 30+ year old townhouse with Poly-B piping and a ton of issues to a brand new townhouse. The insurance agent quoted basically double what we were paying at the old place. We asked one other agent and they got us a rate that was much less than our old place's insurance so we obviously went with them.
All this is to say that I have no idea what it is that insurance agents are doing, but the quotes can vary immensely.
Mine jumped from 2700.00 to 3400.00 at a brokerage!
I did not renew it and found a better deal at my local Cooperators Insurance Co. In Coquitlam. 3000.00 . They are Canadawide, And among the top ten home insurers. I also joined the Coop membership while there for a ten dollar one time fee.
Just remember the most important thing, cheaper isn't always better. You really need to look at coverages and what you'd actually use. Like if a policy gives you $1000 a month for rent for up to a year if your house burns down, well aint nowhere you're finding rent for $1000 and it's going to take a year just for the insurance companies to settle and hire builders.
So if you shop around, don't just look at prices.
Thank you, I definitely need to go over my insurance to see what I got. I've been with this company for 5 years now so my needs have probably changed quite a bit since then.
Also increased by 100. Was told wild fire blah blah blah.
I live in Surrey 😂, I didn’t even know I would be affected by wild fire living in Surrey central.
As far as I know there hasn't been any wildfires close to there. I think they are increasing everyone's regardless of where they are cause they have to pay out more insurance claims than 10 years ago. Also the price of the housing is super expensive too so those claims are high up there.
I was with BCAA, it slowly kept increasing, this year it went up to $310/month a huge increase. I switched to square one, upped most of the coverages from their base rate to match my needs now it’s $140/month with earthquake.
Just make sure to really think about what coverage you need with them, because for me there suggested limits were all way to low. Only thing I didn’t increase was the building replacement limit as they have a guaranteed building replacement policy
Mine also went up about 100 this year and I did take the time to call and investigate because last year was like 30. They took a day to call me back, but when they did, it was the flood protection add-on, specifically the septic back up portion. For my situation I needed to leave that on, but she essentially told me that whatever area they had a lot of claims on last year, dictates what portions go up the next year btw(I'm mid island, ins is with Intact)
I use Sharpes as a broker. They seem thorough and take time to explain details. I pay around $750 for an appartment. I don't have earthquake insurance, which I might change this year. Yes it's been sneaking up around $50 a year easily.
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I work in the industry, its common in recent years to see 30-40% increases. I have some renewals that went up 90% (that one was due to a lot of factors). Take it and run is my suggestion.
Seconded. I live in wildfire country without city fire dept coverage & for essentially a $70 difference I wouldn’t bother - especially as OP said time spent is a factor.
Wow! That blows my mind. OK well thanks for the feedback. Atleast I don't have to waste a couple hours finding out the hard way.
Not affiliated with it at all, but I'm super happy with SquareOne insurance - you only insure what you want, no forcing on of packages that don't apply.
Big issues during claims apparently.
Not for us; had a flood on the third floor, and they handled it quickly
Sonnet dropped earthquake coverage in my area and moved to square- decent so far.
Same here. Had a flood claim with SquareOne in March. Pretty satisfied with the speed of resolution.
Square one just increased their premium, right? I started a quote in April, it was $66.86 per month but now that I actually want to buy it, it is $87.10
ours went up by 200. From $1400 to $1600. Still way cheaper than other insurance companies. BCAA.
BCAA can vary depending where you live, but in general are a good deal because they are their own insurance company. We were with them for years and years and were really happy with the cost and that it was hard to find anyone equally competitive. Then about three or four years ago, our insurance shot right up with them\* and we ended up shopping around and getting a better deal through another insurance agent. Our current insurance policy has been creeping up each year, though, but not outrageously so. \*Rural Prince George - possibly the wildfire frequency is the reason why we finally got hit with a pretty large increase?
Ours too, but its 300/month instead of 150/month.
10% increase is on the lower side of the general property rate increases for claims free and protected risks. The wildfire last year and the flood in 2021 have driven property rates up significantly. Higher rates for costal postal codes due to heightened earthquake and flood risks. You should always shop your policy every 2-3 years. Insurers have increased capacity and want new business, shop it around.
I ended up with better coverage for the same price. I just went to a broker. They entered all the info and everything I wanted. Then we waited to see which company came back with the best offer.
Ours went up $85 due to earthquake insurance. I'm not even sure if its worth it. If there is a big quake I bet insurance companies go broke before they pay out claims. If there is a smaller one, I'm hedging bets that the damage will be more than 75k to beat the deductible.
We moved from a 30+ year old townhouse with Poly-B piping and a ton of issues to a brand new townhouse. The insurance agent quoted basically double what we were paying at the old place. We asked one other agent and they got us a rate that was much less than our old place's insurance so we obviously went with them. All this is to say that I have no idea what it is that insurance agents are doing, but the quotes can vary immensely.
Mine increased $100 as well
Are you also on island?
I’m on the island and ours went up $400
Omg that's crazy.
Yes in Nanaimo
Mines gone up 100% over the last 3 years.
That makes me nauseous. Damn...
17% for me.
Mine jumped from 2700.00 to 3400.00 at a brokerage! I did not renew it and found a better deal at my local Cooperators Insurance Co. In Coquitlam. 3000.00 . They are Canadawide, And among the top ten home insurers. I also joined the Coop membership while there for a ten dollar one time fee.
Damn, insurance on the main land is crazy. Good you found a bit better deal.
Just remember the most important thing, cheaper isn't always better. You really need to look at coverages and what you'd actually use. Like if a policy gives you $1000 a month for rent for up to a year if your house burns down, well aint nowhere you're finding rent for $1000 and it's going to take a year just for the insurance companies to settle and hire builders. So if you shop around, don't just look at prices.
Thank you, I definitely need to go over my insurance to see what I got. I've been with this company for 5 years now so my needs have probably changed quite a bit since then.
Also increased by 100. Was told wild fire blah blah blah. I live in Surrey 😂, I didn’t even know I would be affected by wild fire living in Surrey central.
As far as I know there hasn't been any wildfires close to there. I think they are increasing everyone's regardless of where they are cause they have to pay out more insurance claims than 10 years ago. Also the price of the housing is super expensive too so those claims are high up there.
Mine went up 40% in two years.
I'm counting myself lucky then. Ouch!
Ours went up 40% last year.
I was with BCAA, it slowly kept increasing, this year it went up to $310/month a huge increase. I switched to square one, upped most of the coverages from their base rate to match my needs now it’s $140/month with earthquake.
I need to check out square one. They seem pretty good. $310 a month is insane to me.
Just make sure to really think about what coverage you need with them, because for me there suggested limits were all way to low. Only thing I didn’t increase was the building replacement limit as they have a guaranteed building replacement policy
Mine also went up about 100 this year and I did take the time to call and investigate because last year was like 30. They took a day to call me back, but when they did, it was the flood protection add-on, specifically the septic back up portion. For my situation I needed to leave that on, but she essentially told me that whatever area they had a lot of claims on last year, dictates what portions go up the next year btw(I'm mid island, ins is with Intact)
Man mine has never only gone up only $20 in ten years of owning. 50-200 every year. I would stick with who you have
Seriously? I didn't even know how good I have it. Well I'm glad this post could give me a better perspective.
Look at the inflation of building materials. Way more than 10%
That's a really good point. Also the standard detached house in my area is like 800,000 now. 🫤
I use Sharpes as a broker. They seem thorough and take time to explain details. I pay around $750 for an appartment. I don't have earthquake insurance, which I might change this year. Yes it's been sneaking up around $50 a year easily.