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07-14-2020, 11:11 AM
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#16001 | | I have named my kids VIC and VLS
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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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07-14-2020, 11:49 AM
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#16002 | | Willing to sell body for a few minutes on RS
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Originally Posted by Hondaracer  Sorry to loop back onto home insurance, but we recently talked to someone at the "home insurance people" who have surprisingly, amazing reviews as kind of a middle-man broker type business. They gave multiple quotes, one being just under $1300 which is from
"Family Insurance Solutions" which is underwritten by Economical Mutual Insurance
these guys are also own Sonnet as a branch of their insurance services.
so its like $1500 cheaper than our current policy..
Anyone dealt with family or sonnet? Reviews on insurance are tough because most of the people who leave negative reviews seemingly brought the situation on themselves. With family many of the negative reviews are from people who pay for their policies monthly, miss a payment, and then have their policy cancelled.. which is somthing that would not happen to use as we always pay the full premium up front.
Frankly outside of extreme water damage, or fire, i dont see myself making a claim for stuff like a leaking roof, windows, etc. because it's all stuff i can fix myself, so really i'm concerned with break ins and major damage..
but yea.. anyone dealt with Family or Sonnet? any experiances? | I can't remember who the underwrite is for my insurance is through but I'm sure it's one of these companies.
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.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | 
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07-14-2020, 01:19 PM
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#16003 | | My AFC gave me an ABS CEL code of LOL while at WOT!
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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?
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07-14-2020, 02:08 PM
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#16004 | | I have named my kids VIC and VLS
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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
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07-14-2020, 04:32 PM
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#16005 | | It's like going crazy when you're already nuts
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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.
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07-14-2020, 10:36 PM
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#16006 | | I *heart* Revscene.net very Muchie
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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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07-14-2020, 11:35 PM
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#16007 | | RS has made me the bitter person i am today!
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| Quote:
Originally Posted by Oleophobic Thank you. To clarify further for my understanding, in your example above (4 floors, 15k sqft, 10 duplexes). Your 1.7 estimate in that example is 1.7x the value of the land for my duplex? BC Assessment shows $1M for land, $300k for the building. This means they may realistically offer me $1.7M as a final offer? If it were a high rise of 30+ floors, offering 8-10x ($8M to $10M)? That's pretty insane lol | The general rule of thumb for developer to make a reasonable profit is that the land cost doesn't exceed 50% of the total value. So say the example I used, 15,000*3.4=51,000@800/sqft=40MM. That's the total revenue builder would get from selling the whole project. Meaning that they wouldn't pay more than 20MM for all the lands. If the 10units are exactly equal in size for simplicity sake, dev wouldn't spend more than 2mil each.
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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Nothing for now
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07-15-2020, 10:10 AM
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#16008 | | xxx
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Originally Posted by Fafine 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? | I'm trying to get out of earthquake coverage.
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.
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07-15-2020, 01:59 PM
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#16009 | | I subscribe to the Fight Club ONLY
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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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07-15-2020, 04:09 PM
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#16010 | | Waxin’ Punks
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Originally Posted by Hondaracer My Neighbor has a friend in Brentwood I’m assuming it’s on the east side of the mall
His house is assessed at 860k and my Neighbor said it’s just some dumpy old house never been renoed, borderline hoarder etc.
A developer is offering 3.2 mill to the guy to buy it, likely to build a high rise. However I guess there is one stickler in the group who built a house in the last 5 years and isn’t budging. Told him to tell his buddy to get the rest of the people on board and each chip in 50k or whatever of their own profit to pay the guy off because fuck, you ain’t ever going to get an offer like that again. | I know a guy who bought a Vancouver special for ~800K 7-8 years ago and capitalized on this exact situation. He sold it for 2.4M like 13 months later and avoided capital gains. Now he has a very nice place and no mortgage. Some people have all the luck.
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Originally Posted by MG1 punkwax, I don't care what your friends say about you, you are gold! | Quote:
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07-16-2020, 09:17 AM
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#16011 | | RS has made me the bitter person i am today!
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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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07-16-2020, 09:42 AM
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#16012 | | I contribute to threads in the offtopic forum
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Originally Posted by JDMDreams Vancouver prices gonna tank now? You can sleep in a tent at parks now. Rolling out the red carpet for crack heads. | Water views and everything too.
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07-16-2020, 10:41 AM
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#16013 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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Originally Posted by JDMDreams Vancouver prices gonna tank now? You can sleep in a tent at parks now. Rolling out the red carpet for crack heads. | So ridiculous, I'm sure they'll be packed up by 7am no garbage super clean. I don't know what the solution is but this isn't it, oh well better in Vancouver than where I live at least where I'm at it's outta sight outta mind.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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07-16-2020, 11:14 AM
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#16014 | | RS has made me the bitter person i am today!
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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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07-16-2020, 11:21 AM
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#16015 | | I contribute to threads in the offtopic forum
Join Date: Aug 2002 Location: Vancouver
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Originally Posted by JDMDreams 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 | VPD already busy harassing tax payers at the parks for having a beer. They dont have capacity for this.
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07-16-2020, 12:18 PM
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#16016 | | RS has made me the bitter person i am today!
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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.
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07-16-2020, 12:58 PM
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#16017 | | xxx
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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.
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07-16-2020, 01:33 PM
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#16018 | | My dinner reheated before my turbo spooled
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Of course. Why wouldn't you buy it.
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07-16-2020, 01:56 PM
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#16019 | | I *heart* Revscene.net very Muchie
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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?
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
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07-16-2020, 02:20 PM
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#16020 | | OMGWTFBBQ is a common word I say everyday
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| Quote:
Originally Posted by Hakkaboy 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? | Your insurance only covers your contents, deductibles, and improvements. The strata fees you pay cover insurance for the buildings and their replacement costs.
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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07-16-2020, 02:39 PM
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#16021 | | Willing to sell body for a few minutes on RS
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Originally Posted by Ludepower Of course. Why wouldn't you buy it. | Because it's very expensive (if you own a detached house) and the deductible is insane.
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07-16-2020, 02:57 PM
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#16022 | | hoppity HOP HOP
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| Quote:
Originally Posted by Hakkaboy 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? | My condo insurance costs $800 up to now
- 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.
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07-16-2020, 04:16 PM
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#16023 | | I have named my kids VIC and VLS
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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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07-16-2020, 05:07 PM
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#16024 | | RS has made me the bitter person i am today!
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Originally Posted by Jmac Because it's very expensive (if you own a detached house) and the deductible is insane. | I think ours is $3.5k for a detached home with a building value of $300k? Deductible is like 20-25% of buildings value so close to $50-60k
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07-16-2020, 06:57 PM
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#16025 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
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Originally Posted by Jmac Because it's very expensive (if you own a detached house) and the deductible is insane. | Wish I had your predicament! I think my earthquake coverage on my condo is $60.
How much is it for houses?
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