Home Insurance

[BrianNSara]

!!!!!!What is eveyone doing about Home Insurance!!!!!!

We are 1st time home buyers.

Who is good who's the Best?
Who to stay away from?
Price?
Discounts?
Fee's?
Missing something?





.

[smartsexystylish]

Hey Brian,

This is another thing we have to look into also. We are also 1st time home owners.

We'll most likely bundle our car insurance with the home insurance to get a bit of a discount :) That's all I know about it lol

[Style]

A few points to remember though! You will pay more for house insurance if you have a fireplace and hardwood! You will also get a nice discount that adds up if you put a alarm system in your place that is set up to the fire, police etc! I personally have Td insurance and they are reasonably priced around 40 per month with alarm and I currently have hardwood throughout and gas fireplace! Shop around to see what is out there though! The alarm saves me almost 20 per month!

[baldwinCoronation]

My advice to any first time home owners is to shop around. Priced vary alot. We are using The Personal Insurance Company who was by far the cheapest.

[smartsexystylish]

My advice to any first time home owners is to shop around. Priced vary alot. We are using The Personal Insurance Company who was by far the cheapest.


What information would the insurance companies require when I phone them for quotes?

[baldwinCoronation]

most companies with actually let you get a quote online. If not, the info required is very basic. Square feet, exterier(brick/siding), whether you have a fire place. It really is very quick and easy. I got quotes from a few places and I have to say that The Personal was almost $40 a month cheaper that the rest.

[smartsexystylish]

Thanks!
I'm going to start looking now then since it's that easy.

The Personal - that's an actual company?

[baldwinCoronation]

yeah, its not advertised because its based on a group rate. I didn't even know if I could get a rate through them but they had my company listed. They have a website and you get the quote right online. Just google it and check if your company is listed. Maybe it will come up, its worth a try. They have hundreds of companies.

[Style]

What information would the insurance companies require when I phone them for quotes?

Dion, they will ask square footage, whether its detached or not! Is the basement finished! Whether its all brick or siding! is it forced air furnace. Do you have a fireplace, do you have hardwood! Those both add to the premium! They will ask what you paid for it! They will gather all the info and then give you what they think is total replacement cost! Meaning a figure it cost to rebuilt your house!
Things like a home alarm connected to the police and fire will lower the premium by like $15 per month which adds up!

but the nicer things like fireplace,all oak stairs hardwood,jacuzzi tubs add to the premium as they take those things into consideration for possible fires or floods!

[smartsexystylish]

2 questions (from a newb!!)

do I tell them the price after the upgrades or do I give them the base price? (Would be smarter to give the price after the upgrades - to ensure we get full value back?)

The soaker tub wouldn't be classified as a jacuzzi tub in their opinions right? We don't have any jets in it or anything but I'm asking cuz it's a larger than normal tub lol

[BrianNSara]

Do you have to have Home Insurance before your closeing date? is this a requirement?:confused:

[smartsexystylish]

Do you have to have Home Insurance before your closeing date? is this a requirement?:confused:


I believe so. I know our lawyer wants the insurance information when we get started with them, so that's why I think we need it ahead of time.

[A&O]

Do you have to have Home Insurance before your closeing date? is this a requirement?:confused:

I am pretty sure your bank wants you to have your insurance in place right away or they won't give you the mortgage. They need you to protect your asset since they are "paying" for it. It all seems to add up doesn't it?!

[baldwinCoronation]

I work for a bank and you have to supply proof of home insurance in order finalize your mortgage.

[BrianNSara]

Thanks Everyone,
Not like i am not getting it lol but i just want to be sure....

[BrianNSara]

Good website for Home Insurance they use to be on CP24..


https://www.insurancehotline.com/scripts/startquote.pl?action=step2&LOB=HAB

[smartsexystylish]

Just FYI the nearest fire department is 2.5 kms away
(11 Tannery Street East
Cambridge, Ontario
N3C 2C1)

And stupid question.... If we're quoted $568.00 that's per year right??

[BrianNSara]

lol... yah

[smartsexystylish]

lol ok good. I was getting worried there for a moment. I didn't think that would be the monthly cost but sometimes you just don't know lol

[BrianNSara]

Neighbourhood watch?

[BrianNSara]

Lowest Rate Calculated
$434.00
The rate is based on a $1,000,000 Liability limit and a $1000 deductible.

When speaking to the broker, you can request a quote with a lower or higher deductible.

[smartsexystylish]

haha I put yes as I hope my neighbours will be looking out for my house and likewise!

We should start one lol

[smartsexystylish]

Lowest Rate Calculated
$434.00
The rate is based on a $1,000,000 Liability limit and a $1000 deductible.

When speaking to the broker, you can request a quote with a lower or higher deductible.

wow you got one way cheaper than us!

[BrianNSara]

so maybe around $50 for me once i add flood insurance

[BrianNSara]

i put in base price of house.... 226000

[Style]

Just FYI the nearest fire department is 2.5 kms away
(11 Tannery Street East
Cambridge, Ontario
N3C 2C1)

And stupid question.... If we're quoted $568.00 that's per year right??


LOL No Dion thats per day! :) If I had all your money I would burn mine lol! Figure once I splice into my neighbours cable or Sat I can afford this! :D LOL

[smartsexystylish]

LOL No Dion thats per day! :) If I had all your money I would burn mine lol! Figure once I splice into my neighbours cable or Sat I can afford this! :D LOL

LOL Thanks Frank!
I'm a newb what do you expect haha
Haha we'll have cable so you can run that easily through the tunnel your making to my cold cellar lol

[Style]

LOL Thanks Frank!
I'm a newb what do you expect haha
Haha we'll have cable so you can run that easily through the tunnel your making to my cold cellar lol


Dont tempt ME! :D Free is FREE Whats mine is Mine and whats yours is MINE! :) Something like that! Dont forget to bring me good news soon! Whether its taking a picture of my lot wood or whatever lol! Soon you can tour my place everyweekend as well! Wont that be FUN!:)

[fletcher]

Don't just compare the cost of house insurance only. I will be comparing cost of house and car insurance as most companies offer great rates when you bundle.

[dvar]

i put in base price of house.... 226000

I think they only use the cost of the structure, not the house and land.

One place I insured was insured for $130000 or so and the purchase price was 190000. The missing 60000 was the value of the land. Regardless of what happens the land will always be there so you just insure the building.

Double check but I'm pretty sure thats how it works.

[Style]

Don is correct! It is full replacement cost to build your structure or house only,not the land! So for example if you paid 226,000 for your home it didnt cost that much to built it so it would be under 200,000 more likely!

[BrianNSara]

thanks good to hear that .....

[babymaeby]

Got a quote for home insurance - with our existing broker who provides us our tenants insurance and car insurance currently.

Can you believe because of the change in postal code, our monthly payment is GOING DOWN?!?! Even with adding structural insurance.

I love the suburbs!!!!!

[smartsexystylish]

Got a quote for home insurance - with our existing broker who provides us our tenants insurance and car insurance currently.

Can you believe because of the change in postal code, our monthly payment is GOING DOWN?!?! Even with adding structural insurance.

I love the suburbs!!!!!


Haha I'm glad to hear that it is. My car insurance company said my car insurance should go down but she wasn't completely sure until we set it up (I called her when we didn't even know our address yet lol)

Any home insurance rate will be new to us. But I will definitely be shopping around!

[J&R]

Haha I'm glad to hear that it is. My car insurance company said my car insurance should go down but she wasn't completely sure until we set it up (I called her when we didn't even know our address yet lol)

Any home insurance rate will be new to us. But I will definitely be shopping around!

When I moved from Mississauga to Kitchener my car insurance went down almost $80 a month!! It's crazy because it's not THAT far away!

[smartsexystylish]

So I made a couple phone calls today to some insurance companies (As I was having a hard time getting quotes online (ex. Postal Code is invalid)

Man! Do they ask a lot of questions!!! Good thing I know pretty much all of them off the top of my head.

FYI - TD will give you a hard time for insurance if you aren't common-law, married, or have a child together with your "partner" They asked me all of the above and I said no to all of them and he said "Oh well I don't know if we can insure you, hold on" And left me for 10 mins. Then they told me that they will only insure one of us and the other will be placed on the insurance but not as the policy holder. I had a mission of a time just trying to get a agent on the phone so I think TD is not getting my business here!

Allstate on the other hand, the guy I was speaking with was great! His rate seemed to be pretty good in comparison to some others and he was really friendly. All-State is a contender for me to consider purchasing home insurance with.

There was something else I wanted to mention for some advice to newbies like me.... But I can't remember. I'll post it when I do I guess :)

Has anyone else shopped around lately?

[Style]

I currently have TD but Dion why don't you give Smart Coverage insurance a call! Thats who i have my car insurance with now! They will be giving me a quote when I'm ready! They are at smartcoverage.ca

[smartsexystylish]

I think they only use the cost of the structure, not the house and land.

One place I insured was insured for $130000 or so and the purchase price was 190000. The missing 60000 was the value of the land. Regardless of what happens the land will always be there so you just insure the building.

Double check but I'm pretty sure thats how it works.


I currently have TD but Dion why don't you give Smart Coverage insurance a call! Thats who i have my car insurance with now! They will be giving me a quote when I'm ready! They are at smartcoverage.ca


Hey Frank,

I will call them to get a quote on my car insurance for sure. I'm on the site and it looks like they only provide car insurance, right?

I think the performance with the many hurdles I had to jump through just to get someone on the phone from TD (I got transferred probably 8+ times - I wish I was lying!!) and then the guy was rude to top it off. I will pay a little higher for better service (I'm a firm believer in that!) but when their quote was super high (Over $100) and the way I was treated, TD is a no go!

[Alex&Vanessa]

best bet is to go with the same people that insure your car

as for the common law thing, there really isn't any "official" common law status, you can claim to be common law and there is no way they can prove it

if I could go with anybody it would be with State Farm, they insure my bike, but they are not competitive at all for my car...

Pc Insurance has amazing rates, but their call centre is in India, so you have to understand indian english

[Style]

Hey Frank,

I will call them to get a quote on my car insurance for sure. I'm on the site and it looks like they only provide car insurance, right?

I think the performance with the many hurdles I had to jump through just to get someone on the phone from TD (I got transferred probably 8+ times - I wish I was lying!!) and then the guy was rude to top it off. I will pay a little higher for better service (I'm a firm believer in that!) but when their quote was super high (Over $100) and the way I was treated, TD is a no go!


No They have Home insurance as well It has a online quote as well! The info for it is here

http://www.smartcoverage.ca/home-insurance.aspx?p=Ontario&s=gmcanada

Hope it helps but like I said they have great rates for both our cars and we will definately consider them for our home when we move!

[smartsexystylish]

haha I don't know I missed that yesterday. Thanks though.


Edit:

We are not able to help you at this time.

Thank you. Unfortunately, your request for an estimated quotation could not be processed. The information provided does not conform with our insurance underwriting guidelines. If you have questions regarding our guidelines, please call 1-888-881-8039. I wonder why? Frank did you tell them to deny me LOL

[smartsexystylish]

No They have Home insurance as well It has a online quote as well! The info for it is here

http://www.smartcoverage.ca/home-insurance.aspx?p=Ontario&s=gmcanada

Hope it helps but like I said they have great rates for both our cars and we will definitely consider them for our home when we move!


I gave them a call and gave me a reasonable quote (However higher than a couple others)

We've decided to go with Allstate as their quote was great and the service was excellent! I just picked a name off the Brampton location's website and called them up (Even though he is in Brampton, we don't have to visit the office! Everything can be done via phone/fax/email.

Allstate has one of the best, most unique home insurance packages available. Here are some of the features:

Preferred contractors, which guarantee their repairs for as long as you own your home

Identity Theft and Legal Expense coverage - we'll help your through identity theft issues and provide legal assistance

Claim Forgiveness - your first claim will not affect your rates

Claim Free Discount - each year you go without a claim you will get a 5% discount on your renewal

Disappearing Deductible - each year you go without a claim your deductible will be reduced by $100 until it reaches $0.

The quote I gave you is a comprehensive "all-risk" policy on both the home and the contents. (eg. if you spilled a bucket of paint on the floor and your sofa, we would repair/replace your floor and sofa if you wanted).

The policy has our home replacement cost guarantee. This means that we will repair/rebuild the home to its original form regardless of how much it costs. You'll see on the quotes the "Dwelling Building" valued at $212,000. That's just what we calculate it would cost us in labour and materials to rebuild the home if needed. But even if it costs us $400,000, or more, regardless of the cost we will rebuild the home to it's original form. We do this because labour and material costs can change due to inflation, increased labour costs, increased cost due to shortage of materials, etc. So we won't limit the coverage to $212,000, that value just helps us determine the premium to charge.

We've also offer personalized options packages that offer additional coverage if you have certain hobbies ($35/yr each):
Golf package
Ski & snowboard package
Game & fishing package
Yard & garden package
(^^I have additional details of the above if anyone is interested in knowing them)

So you may want to ask perspective companies what additional things they offer (free of charge and not free)
Price and Service are my top factors when deciding anything and this company and service agent excelled at both!

If anyone wants my agent's contact information, please feel free to message me and ask :)

And something I learned while looking for house insurance:

SHOP AROUND!!!! The prices vary soooo much it's crazy. I think I called 15 companies in total and I've had a couple similar quotes, but some were just totally out there! Quotes are good for 45 days but you may call more than 45 days in advance just to see what you are looking at (quote-wise)