All things home insurance

[Eff-1]

What's everyone paying for home insurance, and what coverage does that include?

I am shopping around for quotes and so far BCAA is quoting $2800 but that includes earthquake (which is $775). It also includes flood, water, emergency living costs, $75k personal effects, and $1000 deductible.

This is for a 2200 sq ft vancouver special, so nothing fancy. The one thing that I think added to my coverage is the furnace is still original to 1974, we have a hot tub. We also have aluminum wiring (but they didn't ask anything about that).

This is with a long claim-free history and they'll give me one claim without penalty.

I also have a broker shopping around, but curious to know what others are paying and what kind of coverage, but also if you've had bad experiences trying to make a claim.

I feel like BCAA might be easier to deal with? But that's just a wild guess.

About 8 or 9 years ago I dealt with Wawanesa and it was a fucking nightmare, never again.

[underscore]

Originally Posted by Eff-1

I also have a broker shopping around, but curious to know what others are paying and what kind of coverage, but also if you've had bad experiences trying to make a claim.

I feel like BCAA might be easier to deal with? But that's just a wild guess.

About 8 or 9 years ago I dealt with Wawanesa and it was a fucking nightmare, never again.

I know someone who worked insurance claims and BCAA is supposed to be much easier for the policy holder to deal with and will cover things that other providers wouldn't have.

Their online estimator apparently lands quite high as well and you need to call them to get an accurate price.

[DGN23]

I just bought insurance on a new build home, 2100 sqft and $100k personal effects and I'm paying $2660 with Scotia Insurance.

One thing I recently learned about insurance companies, just because they don't ask you a question that may impact coverage or rates, like your wiring for example, if you make a claim as a result of that wiring, they can deny you. You're ultimately expected to mention any and all things that could impact coverage/rates.

Edit: I almost shit when he told me the deductible for the earthquake coverage. $179k deductible. Apparently this is the norm. If we get the big one in the lower mainland one day, there is no way everyone is going to be able to cover deductibles like that.

[donk.]

You can easily cover 179k when your house value goes up 179k a year

[Eff-1]

Originally Posted by DGN23

One thing I recently learned about insurance companies, just because they don't ask you a question that may impact coverage or rates, like your wiring for example, if you make a claim as a result of that wiring, they can deny you. You're ultimately expected to mention any and all things that could impact coverage/rates.

yes that's true for the most part. I always take the time to read the fine print of any insurance policy.

there are numerous thigns you could be denied coverage for which the broker won't tell you when buying the policy. especially if you're buying a policy online without talking to someone.

when the broker says "don't worry, it will be covered" don't trust them. read the contract!

[Eff-1]

Originally Posted by DGN23

Edit: I almost shit when he told me the deductible for the earthquake coverage. $179k deductible. Apparently this is the norm. If we get the big one in the lower mainland one day, there is no way everyone is going to be able to cover deductibles like that.

I am also questioning earthquake coverage. If there's a big earthquake that say damages your structure or foundation, but ends up being less than $160k (our deductible we were quoted), then the insurance is useless. It's really only if your house gets leveled would that coverage be helpful.

[unit]

were only paying 1455 for our 3br rancher in surrey with Square One.

Deductibles:
$1,000 Standard
$25,000 Earthquake
$1,000 Glass

Building $410,000 $78.99
Detached Structures, Fences and Landscaping $2,500 $2.13
Fine Arts and Collectibles $6,000 $4.24
Personal Property $40,000 $17.31
Bicycles, Sporting Equipment and Watercraft $5,000 $5.78
Additional Living Expenses $35,000 $7.57
Personal and Premises Liability $1,000,000 $5.26

[Hondaracer]

So ours just came up for renewal, $2000 with MAX insurance, through Hub

I’ll edit this tom when I look the policy. Detached home, 2400 sq ft built in 1911

No earthquake.

My main beef with them is that the replacement cost of the home itself is only somthing like $670,000. I told them we would not be able to rebuild the home for this, but they refused to give me anymore.

What’s annoying with Hub is that I forgot it was coming up for renewal, and all of a sudden I got this email saying “oh your policy is up for renewal please review and call us to discuss” I was away on vacay and it didn’t renewal until August 8th so I figured I had time. All of a sudden I get an entire new renewal package in the mail and then the following day I get charged for the renewal without ever talking to anyone or reviewing the package.. so that was kind of annoying.

Will update this with the full coverage tom

[underscore]

Mine always auto-renews and I keep forgetting to review it. I assume if I swap providers I can cancel the old one no problem?

[Hondaracer]

Yea like I mean it’s probably for the best to maintain coverage, but it was barely 5 days from the renewal notice to being charged

[Eff-1]

Originally Posted by Hondaracer

My main beef with them is that the replacement cost of the home itself is only somthing like $670,000. I told them we would not be able to rebuild the home for this, but they refused to give me anymore.

I questioned this too with BCAA so I read their terms and it says:

Guaranteed building replacement: If our valuation of the
property in Coverage “A” isn’t sufficient to repair or replace your
home following insured damage, we’ll still pay the amount
needed to do so provided the following conditions are met. To
have this coverage you must:
a) accept our valuation and insure your home to this value; and
b) promptly tell us about any renovations, alterations or
additions over $25,000; and
c) within a reasonable time frame, rebuild on the same site and
with materials and design of the same kind and quality.

So basically what it means that we'll value your home (mine was only $700xxx) but if it ends up costing more, we'll still cover you.

Maybe check your wordings for similar language?

[Eff-1]

Originally Posted by unit

were only paying 1455 for our 3br rancher in surrey with Square One.

Deductibles:
$1,000 Standard
$25,000 Earthquake
$1,000 Glass

Building $410,000 $78.99
Detached Structures, Fences and Landscaping $2,500 $2.13
Fine Arts and Collectibles $6,000 $4.24
Personal Property $40,000 $17.31
Bicycles, Sporting Equipment and Watercraft $5,000 $5.78
Additional Living Expenses $35,000 $7.57
Personal and Premises Liability $1,000,000 $5.26

Wow that's cheap for earthquake. Our earthquake alone was quoted at $775/yr with a $160k deductible lol.

[Eff-1]

Here is my Square One quote:

Coverages Limit Premium
Building $895,000 $174.87
Detached Structures, Fences and Landscaping $2,500 $2.00
Identity Theft and Financial Loss $10,000 $1.67
Jewellery and Watches $10,000 $12.60
Personal Property $75,000 $31.60
Bicycles, Sporting Equipment and Watercraft $2,500 $2.74
Additional Living Expenses $50,000 $10.02
Personal and Premises Liability $1,000,000 $5.32

Deductibles Amount Premium
Service Line $2,500 Included
Standard $2,500 Included
Earthquake $150,000 Included
Liability $0 Included

Total comes to $2889/yr

[unit]

your building is like $100/mo more than mine so if you adjust for that then it's not a huge difference. however my earthquake deductible is significantly lower... not sure how that makes sense

[Traum]

Recently renewed my home insurance with Definity. It's an old bungalow in East Van.

Deductible
basic home - $2500
earthquake - $86k
sewer backup - $2000
overland water - $2000

cost is $3060 this year. Off the top of my head, this is ~15%+ more expensive than last year.

My parents' place is insured with the same company as well, and a few years ago when the atmospheric river came and our basement got flooded, the claim and restoration processes were extremely straightforward with very little fuss to deal with. Our home insurance agent has found us some cheaper quotes from other underwriters before, but having gone through a major claim and all the troubles that you have to deal with, we all appreciate the no nonsense / no fighting claim process more than annual savings that we can get.