Personal Finance

First time Home buyer - Need cheap home insurance

  • Last Updated:
  • Jan 27th, 2010 10:38 am
[OP]
Deal Addict
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Oct 7, 2009
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First time Home buyer - Need cheap home insurance

Self explanatory, if anyone knows where to get the best rate I'd love to hear your input.
15 replies
Newbie
Mar 8, 2006
75 posts
4 upvotes
Montreal
Try TD, best rate among the big banks.
Deal Guru
Dec 11, 2008
10024 posts
1501 upvotes
call your auto insurance (assume you have a car) first, then compare with the rest
Sr. Member
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Oct 25, 2007
551 posts
146 upvotes
i got the best rate from caa but there are so many variables.
Deal Fanatic
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Nov 23, 2005
8508 posts
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Call a broker ....


ps ... this has already been discussed so hit up the search function.
Sr. Member
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Feb 6, 2008
664 posts
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If your university is an affiliate, try TD Meloche Monnex.

I just switched and saved $200.
[OP]
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Oct 7, 2009
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poop_on_you wrote: If your university is an affiliate, try TD Meloche Monnex.

I just switched and saved $200.
I've been trying to find a list of the accepted universities but have had no success.
Sr. Member
User avatar
May 27, 2007
560 posts
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I also got my insurance from TD-Meloche Monex - between car and home, I saved $1500!

As to whether or not you "qualify" to work with them - This may or may not work: Tell them you graduated from the University of Toronto. I really dont think they ever check. (This may or may not work... just an idea.)
Deal Guru
Dec 31, 2005
13306 posts
735 upvotes
Don DiGuapo wrote: Self explanatory, if anyone knows where to get the best rate I'd love to hear your input.
Just remember that you get what you pay for...cheap insurance from some call centre and you will never have any type of personal service. That is fine if nothing ever happens. But if it does...

For our house and car we have used the same brokers as my parents had (25 year+ relationship). They have bent over backwards to get us insurance in emergency situations, allow us to live with our K&T for 5+ years, never a hassle or question with a claim.

OTher things like we were away and our house insurance payment was missed (we were away for 5 weeks). No problem. After we were a month late, they just called, and then emailed to make sure we were ok. So we paid up when we returned.
Sr. Member
Oct 31, 2007
566 posts
8 upvotes
Canada
Don DiGuapo wrote: I've been trying to find a list of the accepted universities but have had no success.
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Help me find my group
Do you or your spouse belong to a group that recommends TD Insurance Meloche Monnex to its members?

If you or your spouse belong to one of the many groups that maintain an affiliation with TD Insurance Meloche Monnex, you will be eligible to receive an additional discount on your insurance premium.

Please select your group from the list below.

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Member
User avatar
Apr 27, 2004
231 posts
Saskatoon, SK
Don DiGuapo wrote: Self explanatory, if anyone knows where to get the best rate I'd love to hear your input.
I too would suggest you deal with a broker who has access to many different companies. I wouldnt make the deal for home insurance based solely on price however. I would check to see what you need coverage for and make sure the policy covers what you need.

A place to start when looking for insurance information would be to go to www.ibc.ca then click on home insurance icon once your in the site there is some very helpful information about what products are offered and the differences between insurance products.

Cheaper is not always better. Trust me. When it comes time to claim this is definitely true. A more expensive policy is NOT better either. Read the policy, know what your covered for and whats not covered then there are no surprises.
Deal Addict
User avatar
Dec 28, 2004
1978 posts
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Burlington
I went with TD MM with Alumni because they gave me the best deal when I first got my car.

But I would recommend going with whoever you have your auto insurance with. I got a 5% discount on my car insurance when I got tenant insurance that made the tenant insurance very cheap that no third party could really touch.

Or you could look into moving your auto insurance with whoever you want to get your home insurance with.
Deal Expert
Oct 6, 2005
16570 posts
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Don DiGuapo wrote: Self explanatory, if anyone knows where to get the best rate I'd love to hear your input.
TD Meloche Monnex - Not the standard TD insurance.

Meloche Monnex is a group insurance plan and only deals with alumni groups, professionals, etc. Rates were the lowest I found.

Meloche Monnex only covers the middle class - so if your house is >700K you may have issues.

nalababe wrote: OTher things like we were away and our house insurance payment was missed (we were away for 5 weeks). No problem. After we were a month late, they just called, and then emailed to make sure we were ok. So we paid up when we returned.
Your company still makes you send in payments? Most companys do auto-deductions?

Sampras5211 wrote: I too would suggest you deal with a broker who has access to many different companies. I wouldnt make the deal for home insurance based solely on price however. I would check to see what you need coverage for and make sure the policy covers what you need.
Each broker only has access to 2 - 5 insurance companies. There are probably 50+ companies. So it makes sense to call multiple brokers too.

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