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Trust me I live by that phrase, however it doesn’t seem that applicable with home insurance. Many people with TD and the higher priced providers have the same issues and claim disputes than people with the cheaper providers. |
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I've been buying home insurance for over 20 years and I've never had a claim. My logic is I'd rather pay the lower premiums and take my chances. My two biggest concerns are fire and theft, those are tough things for someone to argue with. I guess it's somewhat of a calculated risk, after paying heavier premiums with some of the other companies I figure screw it and roll the dice. I also pay my premiums lump sum so not paying will never be a concern for me. My biggest frustration with insurance is with it constantly going up significant amounts without claims, this was a bigger issue with the BCAA's and the TD's of the world. |
When I was looking for quotes I contacted four brokers and I guess for Richmond the cheapest is Wawanesa insurance because they all gave me relatively the same quote from Wawanesa. 3000 with earthquake and 1600 without eq Do you guys buy earthquake insurance? |
No. So the deductible on almost any policy I have a quote for for earthquake is $45,000 If I can’t repair my house myself for $45,000 that means it’s a pile of rubble. Also for smaller underwriters, even with $45,000 deductibles they are all going to go belly up if there is an earthquake that does enough damage to justify full rebuilds etc. Imo |
We recently made a full ask subject to sale offer on a Burnaby TH that was a bit overpriced given comparative sales but we really liked it. Sold for $22k over ask with less conditions. Supply side of things is still weak but demand is certainly there. |
I think the demand depends on what the property is. Took me a bit over 3 months to finally sell my 1bd apartment. Had showings every other week and the offers I got was quite lowball. Although it sold for $60k over current assessment it was still $15k under asking. |
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So, you'd want to negotiate a number as close to that as possible, but every case is different. That's why I said it's best to hire a very good land assembly lawyer to negotiate because he'd know what's a proper valuation given the developer's intention then arrange terms and prices accordingly. |
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I'm in a duplex (newly bought) and the quote for this year is $1550 for my half (was $1425 last year). About to start shopping around and my first step is to hopefully convince my neighbour to drop the earthquake coverage. It's crazy how at $1550 + 600 (contents), we're paying $2200 for a 22 year old duplex. |
sometimes it's not how old your house is, it's the same amount of risk you have to bear versus another other house. 22 yr old car has the same potential coverage / damage compared to a 2 yr old car. |
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Vancouver prices gonna tank now? You can sleep in a tent at parks now. Rolling out the red carpet for crack heads. |
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None tax payers deserve the finest of Vancouver hotels and parks, at least it will give more things for the vpd vi Bois to do |
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I'ver never been hassled for having a drink at a park / beach as long as it was in a different cup. If you drink it straight from the bottle they have to say something because of minors close by. But I've never seen one that cared when you have a concealed cup. |
So do you guys buy earthquake insurance? My broker told us it's mandatory with strata insurance for a duplex. I realized now that that's not true. Unbelievable. |
Of course. Why wouldn't you buy it. |
how come everyone is paying so much for insurance? I'm paying ~$600 for a TH and the 10% EQ insurance only added about $35 to it. Is it that big of a jump to a detached house? |
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Depending on what your strata pays its broker for insurance, it could work out to be the same total cost to you or even more depending on what you have in the complex to insure. |
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- earthquake coverage was $45 - increase liability limit to 2 mil was $30 - extra roof leak coverage was $35 - increasing strata deductible coverage from base $25k to $50k was $150 The kicker is I still need to buy extra coverage for the strata deductible because it’s $250k. BCAA max coverage is $100k so I need to find another insurer to top off the extra $150k. |
I will write out a bigger experience post but we have been using the home insurance people to get quotes and it’s a great experience no pressure etc. Very easy to shop around quotes and see the types of coverages that are offered |
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How much is it for houses? |
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