Canadian Homeowners' Insurance for Losers?
November 29, 2014 6:49 AM Subscribe
I have a series of issues around getting my home insured. Please advise?
Never really wanted insurance but now, for a business idea I am pursuing, I need it.
So now that I need it, it turns out there are a couple of issues with my home that would involve extensive / expensive repairs. I know enough about building / construction to know these are not really all that unsafe, but this bloody insurance industry seems to be pretty darned picky. The first place we tried sent an inspector and they then passed on even offering to cover us. This is in Canada, on the East Coast.
I really do not ever plan to make a claim, I just need to check the box and show the other people involved in this business idea that I have insurance. So here are my questions:
1. Is there an insurer of last resort, even when there might be "safety issues" that make normal insurers balk?
2. What do Canadian insurers most like when it comes to home heating? Seems they are really fussy about wood heat, and that they want you to have two sources of heat. What would be the absolute best / safest system to an insurance agent's ears? Is a heating oil furnace considered better / safer than wood furnace?
3. Are there insurers that will insure with riders? I mean, like, let's say you have some totally unsafe thing, and they will insure you but it will say in the policy "we won't cover you if the dragon chained in your living room eats anyone"?
4. Are there some quite slack companies that will likely NOT send an inspector for a new client? I don't care if they turn out to be really stingy and try to get out of a claim... I don't care if the deductible is a billion dollars... I am happy to have these insurance leeches fatten themselves on my premiums with no other commitment from them needed, I just need the bloody document, beyond that I actively don't want insurance!
Just a reminder: this is in Eastern Canada.
5. Is there some other important issue that I am overlooking here?
Never really wanted insurance but now, for a business idea I am pursuing, I need it.
So now that I need it, it turns out there are a couple of issues with my home that would involve extensive / expensive repairs. I know enough about building / construction to know these are not really all that unsafe, but this bloody insurance industry seems to be pretty darned picky. The first place we tried sent an inspector and they then passed on even offering to cover us. This is in Canada, on the East Coast.
I really do not ever plan to make a claim, I just need to check the box and show the other people involved in this business idea that I have insurance. So here are my questions:
1. Is there an insurer of last resort, even when there might be "safety issues" that make normal insurers balk?
2. What do Canadian insurers most like when it comes to home heating? Seems they are really fussy about wood heat, and that they want you to have two sources of heat. What would be the absolute best / safest system to an insurance agent's ears? Is a heating oil furnace considered better / safer than wood furnace?
3. Are there insurers that will insure with riders? I mean, like, let's say you have some totally unsafe thing, and they will insure you but it will say in the policy "we won't cover you if the dragon chained in your living room eats anyone"?
4. Are there some quite slack companies that will likely NOT send an inspector for a new client? I don't care if they turn out to be really stingy and try to get out of a claim... I don't care if the deductible is a billion dollars... I am happy to have these insurance leeches fatten themselves on my premiums with no other commitment from them needed, I just need the bloody document, beyond that I actively don't want insurance!
Just a reminder: this is in Eastern Canada.
5. Is there some other important issue that I am overlooking here?
In the US, the federal government is the insurer of last resort. This is mostly for risky properties - those in floodplains etc. Does Canada have a similar program? You don't specify your issue so it may depend on what is making your house uninsurable.
posted by Toddles at 10:29 AM on November 29, 2014
posted by Toddles at 10:29 AM on November 29, 2014
I would recommend calling around a lot more. I have an old house and spent two weeks calling insurers and some were absolutely clueless about dealing with an older house. Age-wise my house is normal for the area and condition-wise not dissimilar, but it was still a lot of "Uh, um, we would need [useless repair] and [etc] to even think about it." I just kept calling and eventually got a good rate with a minimum of stupid questions/requirements. Yes re. (3); I have an outbuilding insured for some things but I think not for its just plain falling over in the night. Re. (4), the company I ended up using was RBC, so hardly an obscure outfit.
I have never found a broker worthwhile but it might be worth bothering some, especially if you're in an odd sort of area where most of the properties are like yours and they are used to arranging policies for dilapidated area what-not.
posted by kmennie at 12:22 PM on November 29, 2014
I have never found a broker worthwhile but it might be worth bothering some, especially if you're in an odd sort of area where most of the properties are like yours and they are used to arranging policies for dilapidated area what-not.
posted by kmennie at 12:22 PM on November 29, 2014
It was explained to me by my insurance broker that the thing with wood heat is it requires attention to keep the house warm. They want a system that you can set and go on vacation for 2 weeks without pipes freezing (so gas, oil, or electric). Basically you are uninsurable without an endless automatic heat system.
posted by rabbitrabbit at 9:56 AM on November 30, 2014
posted by rabbitrabbit at 9:56 AM on November 30, 2014
This thread is closed to new comments.
We had issues with out insurance company of 20+ yrs. They wanted us to paint the house, fix other 'appearance' things.
We finally went to our bank which is a Credit Union Bank with full services and got a good home & auto policy through them.
Must add one thing: you should make your home safe for yourself and others visiting. There are some basic things you have to have.
We heat with wood, with oil as backup and for hot water. We're in the country.
You may be able to get used equipment for this purpose, and any heating oil company may offer some suggestions.
Good luck.
posted by billl at 9:28 AM on November 29, 2014