2024 Home Insurance Renewals

sburns

sburns

Well-known member
Curious to know how are the renewals this year for your home?
Mine went up by 40%!

I'm with TD. I don't bundle, but they are giving me some multi line discount (not sure if it just lip service or not) because I do have my bike with them.
Time to do some shopping around.
 
sburns said:
Curious to know how are the renewals this year for your home?
Mine went up by 40%!

I'm with TD. I don't bundle, but they are giving me some multi line discount (not sure if it just lip service or not) because I do have my bike with them.
Time to do some shopping around.
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Holy frig. Mine went up about 10% in June with TDMM. They already get more than enough of my money. I'm not sure what makes the majority of the difference but this house is about triple the old house (new is bigger house with pool). I would definitely be looking elsewhere with a 40% bump. I'm already on the wrong side of $10/day for home insurance.
 
GreyGhost said:
Holy frig. Mine went up about 10% in June with TDMM. They already get more than enough of my money. I'm not sure what makes the majority of the difference but this house is about triple the old house (new is bigger house with pool). I would definitely be looking elsewhere with a 40% bump. I'm already on the wrong side of $10/day for home insurance.
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Yeah that is my plan. It's funny my bike is with them, it actually went down in price (only a few bucks). I just feel this is price masking/shell game.
Not looking forward to quote this and making those calls. F'n hate insurance, its just a racket.
 
POWERMAN said:
I hate this song and dance we have to do every year for insurance.

Same story for things like Internet, phone, tv plans etc...
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I dread opening any insurance mail, I just can't gives me too much anxiety. But finally I get around to it and yeah, song and dance time.

TV and internet I figured out years ago. Cancelled any cable TV, internet with Teksavvy, and mobile with Freedom. Neither have changed in price dramatically, and service is still good/decent.
 
Our home and car both went up 40%+ with our Desjardins package, and losing the bundle meant the bikes would have been more expensive. But we were able to keep costs flat by switching to TD for the bikes and Aviva for the car and house. CAA actually had the best rate for the car, but they wouldn't insure a house older than 100 years, so we ended up with Aviva for both with the bundle discount.

When I was talking to the broker, he said they'd been doing a ton of business with people leaving Desjardins because of similar rate bumps.
 
Anyone want to share any brokers they are working with?
I'm in the da'hood, (Scarborough), not sure how much it matters, as they will all discriminate, price, by postal anyway.
 
I started with CAA, but when they discovered our house was built in 1914, things ground to a halt. They pointed us to myinsurancebroker.com, who were fine. Honestly, with going through the BS of switching house, car and two bikes, I was pretty done by that point, and so when I was able to get similar coverage (and actually significantly better on the house for flood) for an almost identical price, I just signed on the line. The broker actually recommended TD for the bikes (they don't go through brokers), and he was right that they were cheaper than everyone else for my models.

I'm sure this is something the insurers do intentionally, relying on people not being arsed. Worst insurance system in the world, we should be very proud.
 
crankcall said:
With this weeks rain in the area and Toronto estimating 1billion in claims, Mississauga and Oakville/Burlington having similar totals . Wait for next years rates!
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They'll be lucky if they get away with 1B. Drakes house apparently cost close to 100M and water inside on the ground floor was over ankle deep. That one house could be a significant percentage of 1B (and if his was that bad, his neighbours probably had issues as well).
 
We are with Co-operators. Rates have been decent in previous years. Our renewal is in October so the letter should be coming in any day.

I have a great contact, Let me know if anyone wants it to get a quote.
 
My TDMM rate increase this year was about 10% on the cars. House insurance stayed the same + or - a few dollars per month.

Not looking forward to 2025.
 
Priller said:
I started with CAA, but when they discovered our house was built in 1914, things ground to a halt. They pointed us to myinsurancebroker.com, who were fine. Honestly, with going through the BS of switching house, car and two bikes, I was pretty done by that point, and so when I was able to get similar coverage (and actually significantly better on the house for flood) for an almost identical price, I just signed on the line. The broker actually recommended TD for the bikes (they don't go through brokers), and he was right that they were cheaper than everyone else for my models.

I'm sure this is something the insurers do intentionally, relying on people not being arsed. Worst insurance system in the world, we should be very proud.
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Theoretically a cooperative would be the cheapest. Ten thousand people pool a bunch of millions to fund an insurance system and deal fairly. Policy holders become share holders.

Then someone feels they didn't get enough and sues or cheats on their next policy and the system becomes adversarial. If I'm not screwing you, you must be screwing me.

Government intervention is needed and it becomes the bleeding hearts vs the corrupt.

Add up your insurance costs: Mortgage insurance, vehicle insurances, house insurance, OHIP paid through taxes, life insurance, liability if you're self employed. The number is enormous. Then multiply by the number of homes, vehicles, people etc. and it's a ripe plum hanging low.

If you want to become an insurance company the question is "What would you charge someone for the risk of losing a million in case that person made a mistake."

Would you put a million on the line for $3000? Not me.

To win, live in a trailer park, drive a beater, keep your money in an offshore account. Learn to like a lot of banjo music and twang.
 
So no luck so far, calling around getting quotes and everyone is much higher. Both car and home, and even with trying a bundle discount on the new quotes it still much higher.

F'n thieves circling the wagons.
 
sburns said:
So no luck so far, calling around getting quotes and everyone is much higher. Both car and home, and even with trying a bundle discount on the new quotes it still much higher.

F'n thieves circling the wagons.
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No surprised, I am sure almost everyone that had no claims will see an increase to cover those that made claims. Those that made claims will see their increase at a later date to ensure it is not overly suspicious...
 
Three cars all up. House also up. Bike about the same. About 10% on the total bill. All those cars thefts I'm guessing.
My auto insurance has been very stable for a decade. Not anymore.
 
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