Real Estate

Home Insurance - Anyone use "Family/Economical" ?

  • Last Updated:
  • Jul 15th, 2020 11:09 am
[OP]
Newbie
Jan 22, 2018
6 posts
2 upvotes

Home Insurance - Anyone use "Family/Economical" ?

Our home insurance is up for renewal, currently with BCAA (who seems to be the clear leader in terms of service and claims) however our policy went up from 2300 to 2700..

House was built in 1911, 2200 sq ft, East Vancouver. However, all wiring and plumbing is up to date, have letters from both plumber and electrician stating so. We have no high risk premium. The only premium we pay is for our basement suite.

The pricing and reviews are all over the place for home insurance and generally i live by the adage of "you get what you pay for" however, outside of BCAA, even the more costly insurers have equally poor reviews than the inexpensive ones.

We recently contacted "The home insurance people" who have amazing reviews considering the service they provide, and they provided us with a quote from "Family Insurance Solutions" which is underwritten by "Economical Mutual Insurance" who also backs Sonnet. This quote for virtually the same coverage BCAA is offering is $1560, more than $1000 cheaper..

Outside of MAJOR damage caused by big time water, or fire, and break in/theft. I'm not overly concerned with small stuff like window, roof leaks etc. I renovated the entire house myself I can fix or build virtually anything and likely wouldn't make a claim for smaller stuff.

The majority of negative reviews against Family are seemingly user-error in that the person holding the policy missed a payment and family cancelled their policy. So just wondering if anyone has dealt with Family/Sonnet and what their experience has been like?

Relative to our home, and the coverage we have $2700 just seems insane imo
3 replies
Deal Addict
Nov 2, 2014
1096 posts
427 upvotes
Scarborough, ON
Economical is a legit insurer.

Google any insurance company and you will find poor reviews one way or the other.
Sr. Member
Aug 31, 2001
582 posts
59 upvotes
I use economical out of a reference from a friend. although it went up this year, it was cheapest out of all places I quoted last year when I first started
Deal Addict
Jan 13, 2014
2390 posts
1432 upvotes
Calgary
Economical is a legit insurer but with really bad base coverage. Might not be the case for you but in Alberta they were selling hail damage as an addon policy. people went with them for being cheaper now they have to pay hail damage out of pocket. Check your policy thoroughly before making a decision.

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