Personal Finance

Insurance for Principal Residence

  • Last Updated:
  • Jun 12th, 2018 6:58 pm
[OP]
Deal Addict
Jun 29, 2007
4172 posts
1017 upvotes

Insurance for Principal Residence

My insurance with Belair Direct is coming up.

Went up 6.31% this year to $2,100 per year.

Called around a few places and got quotes all over the place.

Lowest is Square One insurance at ~$1,450. Small outfit based in Vancouver and bad online reviews. I will steer clear of them.

Sonnet came in at about $$3,200. My association affinity insurance quoted ~$4,000.

I remember calling BCAA and Co-operators last year and they were higher as well.

All quotes have similar policies.

I think direct to customer companies (like Belair Direct and Sonnet) are generally lower (no insurance agent middleman).

Anybody know other direct to customer insurance companies?
21 replies
Deal Fanatic
User avatar
Feb 2, 2014
5274 posts
1101 upvotes
Toronto
I have a broker who finds some pretty solid premiums.

If you're in Ontario, PM me @Speedy1.

I don't get any type of finder fees or anything let that from her. She just helps out my clients get insurance at good rates.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Dec 16, 2005
3618 posts
1430 upvotes
Speedy1 wrote:
Jun 11th, 2018 2:43 pm
My insurance with Belair Direct is coming up.

Went up 6.31% this year to $2,100 per year.

Called around a few places and got quotes all over the place.

Lowest is Square One insurance at ~$1,450. Small outfit based in Vancouver and bad online reviews. I will steer clear of them.

Sonnet came in at about $$3,200. My association affinity insurance quoted ~$4,000.

I remember calling BCAA and Co-operators last year and they were higher as well.

All quotes have similar policies.

I think direct to customer companies (like Belair Direct and Sonnet) are generally lower (no insurance agent middleman).

Anybody know other direct to customer insurance companies?
you pay $2k for house insurance?? where are you located and what kind of house (detached? sq ft)? Any special coverages (expensive jewelry, etc)?

Seems so high.
Deal Expert
User avatar
Jul 30, 2007
21117 posts
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Toronto
I paid $2700 (Traveler's) for mine, renewed back in April 2018. Also shopped around pretty well all over and the high / low gap was crazy. In the end, I had to stay with my insurer (thru my broker) for another year.
Deal Expert
Aug 22, 2011
22228 posts
8857 upvotes
Ottawa
Try Coseco (subsidiary of Co-operators).
I was previously with Co-operators and switched to Coseco this year and saved $200 overall for both home and vehicle insurance combined.
[OP]
Deal Addict
Jun 29, 2007
4172 posts
1017 upvotes
vkizzle wrote:
Jun 11th, 2018 3:39 pm
Try Coseco (subsidiary of Co-operators).
I was previously with Co-operators and switched to Coseco this year and saved $200 overall for both home and vehicle insurance combined.
Thanks. Coseco came in bout $50 cheaper but from what I can tell so far, Coseco doesn't have overland water coverage which I have now with Belair.
I have to take a closer look at the quote and see how it compares to my current Belair policy.

Coseco provides a discount to certain groups. I was told discount could be 5% to 20% but doesn't look like I qualify.
Deal Expert
Aug 22, 2011
22228 posts
8857 upvotes
Ottawa
Speedy1 wrote:
Jun 11th, 2018 5:59 pm
Thanks. Coseco came in bout $50 cheaper but from what I can tell so far, Coseco doesn't have overland water coverage which I have now with Belair.
I have to take a closer look at the quote and see how it compares to my current Belair policy.

Coseco provides a discount to certain groups. I was told discount could be 5% to 20% but doesn't look like I qualify.
For $50, I wouldn't switch from Belair with the overland coverage.
Sr. Member
User avatar
Jan 12, 2017
563 posts
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YK
CdnRealEstateGuy wrote:
Jun 11th, 2018 2:56 pm
I have a broker who finds some pretty solid premiums.

If you're in Ontario, PM me @Speedy1.

I don't get any type of finder fees or anything let that from her. She just helps out my clients get insurance at good rates.
I agree. Use a broker. Our 2018 quote was higher too. An insurance broker saved us 200 off last year's quote
[OP]
Deal Addict
Jun 29, 2007
4172 posts
1017 upvotes
vkizzle wrote:
Jun 11th, 2018 6:10 pm
For $50, I wouldn't switch from Belair with the overland coverage.
OTOH, earthquake coverage from Coseco seems better than Belair.
Sr. Member
Oct 22, 2015
920 posts
234 upvotes
It depends if you are close to a body of water. Overland coverage is meaningless if you don't
Deal Addict
Nov 13, 2013
1281 posts
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OTTAWA
Have you tried TD Meloche using your "alumni discount"? I pay $700 a year with them. Broker quotes were $2k+
Member
Jan 13, 2002
353 posts
62 upvotes
Toronto
wra45mon wrote:
Jun 11th, 2018 9:23 pm
It depends if you are close to a body of water. Overland coverage is meaningless if you don't
Not true. Water entry through windows or doors during a torrential rain storm (like Toronto had in summer of 2013) is covered by 'overland coverage'. Without it, insurance doesn't cover that type of water entry.
Sr. Member
Oct 22, 2015
920 posts
234 upvotes
fredder wrote:
Jun 12th, 2018 12:18 pm
Not true. Water entry through windows or doors during a torrential rain storm (like Toronto had in summer of 2013) is covered by 'overland coverage'. Without it, insurance doesn't cover that type of water entry.
I think that is ground water
http://avivawaterprotection.ca
Deal Expert
Aug 22, 2011
22228 posts
8857 upvotes
Ottawa
fredder wrote:
Jun 12th, 2018 12:18 pm
Not true. Water entry through windows or doors during a torrential rain storm (like Toronto had in summer of 2013) is covered by 'overland coverage'. Without it, insurance doesn't cover that type of water entry.
Not true "Comprehensive Water covers your home against sudden and accidental water damage. Whether it enters your home through a sewer or septic backup, or through a door or window,"

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