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Home Insurance
July 8, 2024
10:43 am
rhvic
Victoria, BC
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I got my renewal notice for house insurance in the mail (Wawanesa via Coast Insurance). Surprisingly, no change in fees from last year! I am pleased with that.

July 8, 2024
11:33 am
Dean
Valhalla Mountains, British Columbia
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.
WOW ... 'no change in fees' ... that's almost Unheard of, these days ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 8, 2024
4:10 pm
semi-retired
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rhvic said
I got my renewal notice for house insurance in the mail (Wawanesa via Coast Insurance). Surprisingly, no change in fees from last year! I am pleased with that.  

Double check all the #er's to make sure all the coverage & deductables remained the same.

July 8, 2024
5:20 pm
Pirithous
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Ok, so all of this talk had me curious what our increase was year-over-year. We're with SGI Canada, smaller urban centre in SK, older home, and we received a 7.08% increase. Modest in comparison to what some others have been hit with.

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

July 8, 2024
5:59 pm
Dean
Valhalla Mountains, British Columbia
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semi-retired said

Double check all the #er's to make sure all the coverage & deductibles remained the same.  

A Very Good point made there

Unfortunately, far too many people don't look past the renewal premium(s). The 'Meat' of the insurance policy is in the wordings / terms / conditions / deductibles / etc., and All can be changed and/or modified by the insurance co. when the renewal is offered.

.

Pirithous said
Ok, so all of this talk had me curious what our increase was year-over-year. We're with SGI Canada, smaller urban centre in SK, older home, and we received a 7.08% increase. Modest in comparison to what some others have been hit with.  

With insurance renewal premiums, always make sure you're comparing 'Apples With Apples'.

Your urban center home in SK cannot be compared with my partially forested rural acreage in south-central BC. They are two Very Different insurance risks, that will result in two Very Different renewal premium increases.

Enjoy that 7.08% renewal premium increase ... my increase was Over 30%.

Ka-Ching ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 9, 2024
11:08 am
rhvic
Victoria, BC
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Based on advice above, I did take a closer look at the current policy terms and the renewal policy. The basic premium is up 3.4%. The deductibles are all the same. The replacement values and property coverages have gone up by 6%. They gave me a new loyalty fee discount of 7%.

There are no changes to the property.

And when I look more closely at the final policy costs for this year and next year, I got an actual net reduction in fees of 4%. I'm happy with that! I have no idea why I get a net reduction, when almost all others are seeing increases.

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