Real Estate

Home Insurance Mortgage Broker

  • Last Updated:
  • May 26th, 2020 3:36 pm
[OP]
Sr. Member
Aug 31, 2001
524 posts
54 upvotes

Home Insurance Mortgage Broker

Hi,

My insurance premium went up 20% this year compared to last year when I first signed up. Living in Toronto.

Any tips / referrals to home insurance companies and/or home insurance brokers to do a check before my renewal is due?


Thanks,

[EDIT]. Original post was done late at night.... mistyped mortgage broker for home insurance broker
Last edited by Sedul on May 24th, 2020 6:44 pm, edited 2 times in total.
5 replies
Newbie
Feb 4, 2010
46 posts
24 upvotes
Mortgage brokers don't have anything to do with house insurance. You need to contact an insurance broker to have them do a search if they can find you anything cheaper.
Member
Oct 12, 2005
416 posts
349 upvotes
Lower Mainland BC
You should try doing quotes with TD Insurance, CAA and ScotiaLife. Then cross compare these to a local insurance broker.
Deal Addict
Sep 2, 2009
1447 posts
1116 upvotes
Ottawa
Could try sonnet (online arm of Economical). My understanding is they do have larger than average increases after the first year (but larger percent on smaller value still ends up smaller) to get closer to the other guys (but that's offset by lower first-year rates).
Sr. Member
User avatar
Jul 25, 2015
650 posts
322 upvotes
Burnaby, BC
Increase your deductible to 10k if you can afford it. Your insurance most likely will drop 25%. Or remove extra items that you might not need like sewage back up, if you live on top of the hill. Or protection from Ice and snow if you live in Victoria...etc.
[OP]
Sr. Member
Aug 31, 2001
524 posts
54 upvotes
i'm with Economical and I heard they may increase after first year.
In Toronto, Old Home 1930s

My premium went up from like 1088 -> 1337
The location premium went up from 1088 to 1238 or so.
My location deductible is $1000
which would be applicable for Sewer Backup, and Overland Water coverage.

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