Jacking up rates on home insurance

[Stephen1151]

I dont know if others have experienced this as well but over the last 3 years my home insurance provider keeps jacking up rates 20% or more per year. When I ask them why, there answer is always the same story of how its because there are more people making claims. I find this hard to beleive that year over year home owners are expidentially makeing more claims...



Has anyone else run across this? and does anyone know a good insurance company in the lower mainland that does not partake in this highway robber?

 

[bizaro86]

This has been my experience with some insurance providers as well. I think once they have you, they want to see if they can take advantage or not. I'd recommend getting an independent insurance broker, since they can access rates from numerous providers.



Alternatively, I believe REIN has some deals through preferred providers for REIN members.



Regards,



Michael

 

[Sherilynn]

My insurance premiums decreased by more than 10% this year because the estimated cost to rebuild has decreased.



I have been with Park Insurance for a couple of years and their rental property insurance (with Aviva) is very good (at least for REIN members).



Although my properties are in Alberta, Park is based in Burnaby, BC.

 

[Alvaro Sanchez]

time to switch insurance providers... I used a insurance broker without much success, try being a member of an association of landlords or similar. I reduce my cost by 50% by being a member of an association.

 

[Stephen1151]

Thanks for the posts. 3 years ago I paid 500 dollars. The next year they charged me 600. Now when I went to renew they want to charge me over 800. I will definatly shop around. I like the Idea of saving 50%.