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Deals on house insurance?

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  • Apr 19th, 2011 8:59 am
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Deal Addict
Feb 5, 2009
2808 posts
940 upvotes
Newmarket

Deals on house insurance?

My house insurance is up for renewal and since I switched away from TD for our cars last year I am also shopping for house insurance, our new company doesn't have any good deals on RE properties so I am hoping to see if others are finding good deals lately.

Suggestions and links appreciated.

Thank you.
7 replies
Jr. Member
User avatar
Apr 16, 2009
169 posts
23 upvotes
I recently went with RBC for insurance on my house. They were a bit cheaper than Co-operators, but the incredible thing is that the insurance on my two cars (which were already with RBC) dropped to half-price! I'm still not sure if they made a mistake or not, but I'm keeping my mouth shut.
Deal Fanatic
Jan 18, 2004
6564 posts
264 upvotes
Markham
I switch my cars & home in one shot, going with whichever company gives the best overall price for all 3. You get multiline discount for having everything together. I'd be surprised if you can find two companies to be with (one for car, one for home) where it would be cheaper than one company that has all your business.
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Deal Addict
Aug 20, 2007
1983 posts
794 upvotes
Kitchener
Mr Nobody wrote: I switch my cars & home in one shot, going with whichever company gives the best overall price for all 3. You get multiline discount for having everything together. I'd be surprised if you can find two companies to be with (one for car, one for home) where it would be cheaper than one company that has all your business.
If you shop around you will find that more often than you think... the reason that its not usually seen by the consumer is that brokers don't like to place business with multiple companies since they have an incentive to place business together, and since all companies have a 'multiline discount' they can market it to the client as a benefit rather than tell them they could have actually found insurance cheaper by splitting.
Even direct companies like TD, RBC, many have areas that they have competitive rates on one line of business and not on the other so it does pay to have business with seperate companies depending on the location. Shopping around is the only way to discover this information.
Deal Addict
Jan 5, 2004
3930 posts
690 upvotes
Toronto
Get an insurance broker, they do all the legwork for you and you don't have to pay them. :)
Deal Addict
Feb 5, 2009
2808 posts
940 upvotes
Newmarket
Mr Nobody wrote: I switch my cars & home in one shot, going with whichever company gives the best overall price for all 3. You get multiline discount for having everything together. I'd be surprised if you can find two companies to be with (one for car, one for home) where it would be cheaper than one company that has all your business.
I have saved over $500 per year on two cars by switching from TD to Smartoverage, Smartcoverage has house insurance higher by about $150 than td renewal, I am better off by having two seperate companies in this case.

TD used to have very good rates for both auto and residential but have jacked up prices significantly on auto, if it wasn't for that I would probably just keep renewing just like I did with them for over 10 years ;-)
Deal Fanatic
Jan 18, 2004
6564 posts
264 upvotes
Markham
peelhic wrote: If you shop around you will find that more often than you think... the reason that its not usually seen by the consumer is that brokers don't like to place business with multiple companies since they have an incentive to place business together, and since all companies have a 'multiline discount' they can market it to the client as a benefit rather than tell them they could have actually found insurance cheaper by splitting.
Even direct companies like TD, RBC, many have areas that they have competitive rates on one line of business and not on the other so it does pay to have business with seperate companies depending on the location. Shopping around is the only way to discover this information.

I usually shop around at least 5-6 places each time I switch (and I switch pratically every 1-2 years). I include a variety of companies - big banks (eg. TD/RBC), big name companies (eg. State Farms), brokers, and websites (eg. Insurance Hotline). I've never been able to find 2 companies to serve my cars and home separately that was cheaper than a single quote from a single company (because of the multiline discounts).
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Deal Fanatic
Jan 18, 2004
6564 posts
264 upvotes
Markham
Homerhomer wrote: I have saved over $500 per year on two cars by switching from TD to Smartoverage, Smartcoverage has house insurance higher by about $150 than td renewal, I am better off by having two seperate companies in this case.

TD used to have very good rates for both auto and residential but have jacked up prices significantly on auto, if it wasn't for that I would probably just keep renewing just like I did with them for over 10 years ;-)

Guess it depends on where you are. I'm currently back with TD after being away from them for 5 years or so. With company (or alumni) discount and multiline, its the cheapest I could find. Even their home insurance alone was cheaper than my previous by $200. That's a lot when talking about home insurance!
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