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Homeowner's Insurance - Recommendations Please


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#1 arfenarf

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Posted 06 January 2013 - 07:12 PM

I'll be needing to insure my new-to-me house (strata half-duplex) soon.

I defaulted into using Coast Capital almost two decades ago because, well, they were there. Does anyone have recommendations for a few other insurers I should approach for a quote?

#2 rjag

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Posted 06 January 2013 - 07:25 PM

I'll be needing to insure my new-to-me house (strata half-duplex) soon.

I defaulted into using Coast Capital almost two decades ago because, well, they were there. Does anyone have recommendations for a few other insurers I should approach for a quote?


We've been very pleased with Peter and JP at Cadboro Bay Insurance as they offer a very personal service. Recomended them to a few friends and they have all been very pleased

http://www.cadborobayinsurance.com/

#3 Holden West

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Posted 06 January 2013 - 07:26 PM

You should gather the information on your home and get quotes from several insurance brokers. There will be many variables, for instance, how much deductible are you willing to pay in case of a claim. Ask questions to find out if there are ways to drive down the price of your premiums, like installing smoke detectors or making both units non-smoking. There may be simple changes to make your home safer that will save you money. The business is very competitive.
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#4 concorde

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Posted 07 January 2013 - 10:14 AM

I agree, shop around, I had prices ranging from $600-$1100 for the same insurance. The broker at $600 worked hard for me and asked a ton of questions. No previous claims - discount. Oh you have your company insurance with us too - discount. New house - discount, etc, etc. Make them earn your business

#5 Don A McJohnald

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Posted 28 November 2014 - 08:34 AM

Anyone have a good/bad experience re: tenants insurance?

 

Preferably from a mutual insurance company.



#6 ovovov

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Posted 09 February 2016 - 11:21 PM

each broker has their own preferred insurance company because the broker get more rebate/commission for those company.

 

so make sure ask the broker how they like to deal with and who they usually deal with..

 

and for sure, shop at least with 3-5 brokers,,,,, I got my basic insurance for 700 and one guys quoted me 1400..... I laughed out  loud and walked out, ( my close friend told me that he's great guy... :eek: .)



#7 Mike K.

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Posted 10 February 2016 - 06:47 AM

Wow, where at?
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#8 Baro

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Posted 10 February 2016 - 01:58 PM

Not all insurance is equal though.  That 700 insurance may not have covered as much as the 1400.  There's absolutely good and bad deals, but so many people just want the cheapest they can get, then whine about "damn insurance companies always try to screw you over!" when they try to make a claim on something that was clearly spelled out as NOT covered by the cheapo insurance.

 

A good broker though will go over the policy and really spell out exactly what is covered and what isn't.  There's multiple types of flooding, some are covered, some are not, find out EVERYTHING.


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#9 MarkoJ

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Posted 10 February 2016 - 02:25 PM

Anyone have a good/bad experience re: tenants insurance?

 

Preferably from a mutual insurance company.

 

Like you are the tenant or you have a rental property?


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#10 MarkoJ

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Posted 10 February 2016 - 02:40 PM

I've had a good experience with Thunderbird Insurance.  My personal thoughts on insurance in general....

 

If you have a newer home or are on rock/solid base the earthquake insurance is a waste of money.  The deductibles are insane and if a new home requires repairs in excess of the insane deductible the rest of Victoria (older homes in Oak Bay on clay are leveled and we have a total national disaster type scene).

 

Keep the deductible on the other stuff super high to drive down the coverage cost.  For example, I have all my deductibles at $5,000.  

 

I've had to deal with insurance before and dealing with insurance over a $2,000 claim is just not worth it in terms of the bureaucracy/process.  A $2,000 repair I just rather handle it on my own versus dealing with all the associated b.s.

 

I am under $850/year on a two dwelling home the insurance person who came out appraised at $1.14 million replacement cost ($50k being for removal of the existing structure if it burned down, for example).  I think the high deductibles brought down the premium by $300 or so.


Edited by MarkoJ, 10 February 2016 - 02:41 PM.

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www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#11 LeoVictoria

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Posted 10 February 2016 - 09:28 PM

You got it Marko.  Insurance is to cover catastrophic losses, It is not there to cover when your flat screen falls off the wall. Sure they will sell you insurance for that but you are guaranteed to come out behind.

 

We do have earthquake insurance because a total loss on the house would be a heavy blow.  However our insurance ($750k) including the earthquake was only $842 last year so I think that's reasonable.

 

Friend of mine gave me some advice though.  Skip the earthquake insurance and when the big one hits turn on the gas and light a match. Deductibles are lower.

Only kidding



#12 Mike K.

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Posted 11 February 2016 - 09:39 AM

Tell your friend to look into the design of gas lines and what happens to them during structure failures ;)

Gas lines are designed to kink when knocked, effectively cutting off the flow of gas. Obviously there are some incidents of fire due to ruptured lines but they're an exception.

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#13 LeoVictoria

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Posted 11 February 2016 - 12:27 PM

Tell your friend to look into the design of gas lines and what happens to them during structure failures ;)

Gas lines are designed to kink when knocked, effectively cutting off the flow of gas. Obviously there are some incidents of fire due to ruptured lines but they're an exception.

 

Looks to be about 10% of homes that experience damage resulting in being declared total loss experienced a gas related fire ignition in past california quakes.   Not a huge percentage, but a significant risk outside of direct building damage.

 

http://www.seismic.c... Gas Safety.pdf



#14 lanforod

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Posted 11 February 2016 - 01:33 PM

A fire caused by a gas leak + ignition caused by an earthquake would be covered under fire insurance, not earthquake?



#15 LeoVictoria

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Posted 11 February 2016 - 06:46 PM

A fire caused by a gas leak + ignition caused by an earthquake would be covered under fire insurance, not earthquake?

 

Correct.   



#16 LJ

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Posted 11 February 2016 - 06:50 PM

LeoVictoria, on 10 Feb 2016 - 10:28 PM, said:

You got it Marko.  Insurance is to cover catastrophic losses, It is not there to cover when your flat screen falls off the wall. Sure they will sell you insurance for that but you are guaranteed to come out behind.

 

We do have earthquake insurance because a total loss on the house would be a heavy blow.  However our insurance ($750k) including the earthquake was only $842 last year so I think that's reasonable.

 

Friend of mine gave me some advice though.  Skip the earthquake insurance and when the big one hits turn on the gas and light a match. Deductibles are lower.

Only kidding

Wow, did you ever get a deal on insurance. Earthquake insurance on my house more than doubled the premium. I declined, especially because of the huge deductible.


Life's a journey......so roll down the window and enjoy the breeze.

#17 lanforod

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Posted 12 February 2016 - 08:28 AM

Wow, did you ever get a deal on insurance. Earthquake insurance on my house more than doubled the premium. I declined, especially because of the huge deductible.

 

If you do want earthquake, one trick is to only have earthquake on the building, but not the contents.



#18 insanelydeadlydisease

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Posted 12 February 2016 - 10:02 AM

My earthquake insurance has a 5% deductible. That would hurt but it'd hurt a lot less than having to rebuild on my own dime. I think for the money it'd be crazy not to have it.



#19 LeoVictoria

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Posted 12 February 2016 - 11:15 AM

Wow, did you ever get a deal on insurance. Earthquake insurance on my house more than doubled the premium. I declined, especially because of the huge deductible.

 

It's TD Meloche Monnex.   UVic alumni, although I don't know if that makes a difference.  Deductibles quite high ($10,000) and 10% on earthquake.   

When I shopped around they were by far the cheapest.   When the mortgage is paid off I might do a  proper seismic upgrade on the house, cancel the earthquake and self-insure.



#20 LeoVictoria

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Posted 12 February 2016 - 11:16 AM

If you do want earthquake, one trick is to only have earthquake on the building, but not the contents.

Unfortunately not an option with our insurance.



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