Home Insurance

[crimsondr]

How much liability do you have for your home insurance? Is $2M too much, too little? I'm just looking for opinions.

Thanks.

[Wing Nut]

$2 million is generally regarded as the minimum for auto insurance and there is less risk at hoe than when you get behind the wheel of two tons of steel moving at 110 kph.

[sillysimms]

$2 million should be adequate for your home. As Wing Nut pointed out, there is more concern with needing that amount for your auto insurance than your home.

What we have is a umbrella policy that covers all our vehicles as well as our property for an extra $1 million of liability insurance. With that we have $2 million of liability coverage for our auto and home insurance policies.

[crimsondr]

$2 million should be adequate for your home. As Wing Nut pointed out, there is more concern with needing that amount for your auto insurance than your home.

What we have is a umbrella policy that covers all our vehicles as well as our property for an extra $1 million of liability insurance. With that we have $2 million of liability coverage for our auto and home insurance policies.

So your policy is $1M liability individually for home and auto. You then have an additional umbrella policy for $1M which covers both home and auto? Are there any disadvantages to the umbrella policy? I find it odd that they offer this combined insurance. Why can't the whole thing be combined? Just trying to understand the reasoning behind why they offer the policy this way...

[sillysimms]

So your policy is $1M liability individually for home and auto. You then have an additional umbrella policy for $1M which covers both home and auto? Are there any disadvantages to the umbrella policy? I find it odd that they offer this combined insurance. Why can't the whole thing be combined? Just trying to understand the reasoning behind why they offer the policy this way...

Yes, we have 2 vehicles - each with $1 million liability. Our home policy also has $1 million liability. The umbrella policy covers both vehicles and the home. We are with State Farm and it was recommended. It is inexpensive - we pay $10.22/month for the umbrella coverage so an extra $120/year for the extra coverage for both our autos and home is relatively cheap.

Here is an article with more info about umbrella policies in general (although you'd have to go over the actual policy from your insurer):

http://insurance.lovetoknow.com/Umbr...ack_Hungelmann

[can2000]

Each month, I pay TD 215$ for full insurance of 2 vehicles, and $80 for home insurance. Is this too much or regular level? Thanks for all comments.

[crimsondr]

I did a quote online from Meloche Monnex for home insurance and got this:
Gold Solution
$575k replacement cost
$2M liability coverage
$1000 deductible
sewer backup
Weight of Ice, Snow or Sleet - Ice Damming - Roof Water Damage
Identity Plus Solution

The quote comes to $48.25/month. This includes an auto discount, assuming you take auto with them.

[actng]

How much liability do you have for your home insurance? Is $2M too much, too little? I'm just looking for opinions.

Thanks.

To answer this question, you should ask yourself:

1. whether you can easily afford the $2M coverage
2. what the increase in premium is for $1M vs $2M coverage
3. do some math and consider how much you would sue someone for if you were hurt visiting them... then think about the people visiting you whether they would sue for more or less, then you would know whether $2M is enough.

Asking me will only give you my opinion as to whether $2M is enough for me, and I'm pretty sure you and I are nothing alike.

[afiglee]

I did a quote online from Meloche Monnex for home insurance and got this:
Gold Solution
$575k replacement cost
$2M liability coverage
$1000 deductible
sewer backup
Weight of Ice, Snow or Sleet - Ice Damming - Roof Water Damage
Identity Plus Solution

The quote comes to $48.25/month. This includes an auto discount, assuming you take auto with them.

That is a good price. Did you read the reviews?
http://www.yelp.ca/biz/td-meloche-monnex-toronto
Make sure you read the filtered reviews as well. There are unhappy customers for every insurance company but the question is how many. Check the customer satisfaction raiting before buying the policy.

[JohnCollins]

I did a quote online from Meloche Monnex for home insurance and got this:
Gold Solution
$575k replacement cost
$2M liability coverage
$1000 deductible
sewer backup
Weight of Ice, Snow or Sleet - Ice Damming - Roof Water Damage
Identity Plus Solution

The quote comes to $48.25/month. This includes an auto discount, assuming you take auto with them.

This seems like a very good deal to me, considering the relatively high replacement cost.

[afiglee]

This seems like a very good deal to me, considering the relatively high replacement cost.

TD Meloche Monnex is not for everyone. The do "group" insurance for alumni and members of professional associations.