Cornholed on house insurance?

[ReSTored]

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So, just received renewal, $875 now and will be $960 next year, an increase of almost 10%.

So, 11 years ago I paid $678, increased to $960, an increase of 42% over 11 years, about 4% per annum, just about double the rate of inflation.

 

[nobbie48]

So, just received renewal, $875 now and will be $960 next year, an increase of almost 10%.

So, 11 years ago I paid $678, increased to $960, an increase of 42% over 11 years, about 4% per annum, just about double the rate of inflation.

How much was a 2 X 4 a year ago and how much now?

Covid means no serious travel so those with money earmarked for travel are spending on renos. If a house mishap means an insurance claim the cost is higher. Will supply prices drop sometime soon or ever?

I knew an actuary and it was amazing what he knew and how he looked at risks. I'm not looking forward to my renewal.

 

[GreyGhost]

How much was a 2 X 4 a year ago and how much now?

Covid means no serious travel so those with money earmarked for travel are spending on renos. If a house mishap means an insurance claim the cost is higher. Will supply prices drop sometime soon or ever?

I knew an actuary and it was amazing what he knew and how he looked at risks. I'm not looking forward to my renewal.

Well, the upside is most of my neighbours have been spending a fortune on house renovations (mostly exterior, some interior). The next time MPAC does a survey, my house should be worth relatively less so my taxes will go up less than theirs.

One has been having stucco applied to their brick house. Dumb idea in my book. On the insurance front, if that burns down, what gets rebuilt? Stucco over brick again as that is much more durable or EIFS because it looks the same and is cheaper?

 

[nobbie48]

Well, the upside is most of my neighbours have been spending a fortune on house renovations (mostly exterior, some interior). The next time MPAC does a survey, my house should be worth relatively less so my taxes will go up less than theirs.

One has been having stucco applied to their brick house. Dumb idea in my book. On the insurance front, if that burns down, what gets rebuilt? Stucco over brick again as that is much more durable or EIFS because it looks the same and is cheaper?

A few in our neighbourhood have done exterior insulation. Foam board (Usually the cheap stuff) covered with fiberglass and stucco for a Spanish look. We did ours on the interior. It was a lot of work tearing off plaster and adding 2X4's FG etc but worth it. Doing a room at a time spreads the costs.

Stucco over foam looks OK if you like the look and lasts reasonably well as long as it doesn't get bumped. Then it's an egg shell.

I'm not sure of the fire rating of the combination. The board itself is an arsonist's dream child. There was a disaster in the UK with an exterior high rise fire where the shell of the building caught fire.

Doing it right costs a lot of money. People pay for show not substance.

 

[sid_for_speed]

just a quick question...

Does your home insurance go up the following year, if you claim it??

 

[ReSTored]

How much was a 2 X 4 a year ago and how much now?

My understanding is that water damage claims in the industry have soared and are now over 50% of claims This aften involves sewage backup that floods out the basement or a broken pipe that ruin walls, ceilings and floors upstairs and then floods the basement as well.

There needs to be regulations (maybe this is already in place somewhere) re antibackup valves on sewage pipes. Other thing is some type of auto shutoff device on incoming water pipe if flood etected with sensors in laundry room, basement and other areas as well.. Insurance companies would incentivize this by providing discounts on premiuns like they do for snow tires.

 

[Trials]

Something tells me that lithium batteries in stored vehicles is going to become recognized as a potential fire hazard going forward.

 

[nobbie48]

Something tells me that lithium batteries in stored vehicles is going to become recognized as a potential fire hazard going forward.

Shhhhh. Batteries are as sacred as mom's apple pie.

 

[AllistonGT]

My understanding is that water damage claims in the industry have soared and are now over 50% of claims This aften involves sewage backup that floods out the basement or a broken pipe that ruin walls, ceilings and floors upstairs and then floods the basement as well.

There needs to be regulations (maybe this is already in place somewhere) re antibackup valves on sewage pipes. Other thing is some type of auto shutoff device on incoming water pipe if flood etected with sensors in laundry room, basement and other areas as well.. Insurance companies would incentivize this by providing discounts on premiuns like they do for snow tires.

I think these issues give insurance companies reasons to raise rates. You won't see them lobby for any of these changes. They could, but won't. Discount for winter tires is a joke.

 

[nobbie48]

Next topic will be life insurance with Covid.

 

[AllistonGT]

Next topic will be life insurance with Covid.

Kids are gone. Debts are paid. No need for that anymore.


Sent from my iPhone using Tapatalk

 

[Trials]

Next topic will be life insurance with Covid.

sorry that's not covered by your policy,
please come again.

 

[Baggsy]

Had an inspector for the insurance company come by a few years ago.

He found an effluence under the carpet in the basement.
It was basically just a stain that hadn't even leaked into the carpet.
There were some drainage issues due to the way the house was built and the neighbors cedars being close to the drain lines.
He wrote up that it was mould, and they we needed to get the mould removed.
Tried to hire companies to remove the mould. Each said there was no mould, but wouldn't sign off in case of liability.
Insurance eventually cancelled us. In the meantime we saved up for a basement reno.
Eventually, we had the outside of the basement dug out and repaired, then gutted the inside, removed the floor (some asbestos tile was found), redid the drains, included a sump pump, spray insulated the exterior walls, and put on mould resistant drywall and new carpeting.
Had to re-sign with the same insurance company, as no one else liked that we had our insurance cancelled.
A few years later, we switched to another insurance provider that was much less.
I'm not sure if the inspector was a contractor or in-house, but they refused to question his judgement and send another inspector.

 

[nobbie48]

Had an inspector for the insurance company come by a few years ago.

He found an effluence under the carpet in the basement.
It was basically just a stain that hadn't even leaked into the carpet.
There were some drainage issues due to the way the house was built and the neighbors cedars being close to the drain lines.
He wrote up that it was mould, and they we needed to get the mould removed.
Tried to hire companies to remove the mould. Each said there was no mould, but wouldn't sign off in case of liability.
Insurance eventually cancelled us. In the meantime we saved up for a basement reno.
Eventually, we had the outside of the basement dug out and repaired, then gutted the inside, removed the floor (some asbestos tile was found), redid the drains, included a sump pump, spray insulated the exterior walls, and put on mould resistant drywall and new carpeting.
Had to re-sign with the same insurance company, as no one else liked that we had our insurance cancelled.
A few years later, we switched to another insurance provider that was much less.
I'm not sure if the inspector was a contractor or in-house, but they refused to question his judgement and send another inspector.

Never let the insurer cancel your policy, car, house or anything. It's on your record forever and gets worse if you lie.

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