Home Insurance Company Recommendations?

October 16, 2024 12:17 PM

I just received my new home insurance policy documents for the coming year, and the total annual cost was increased by 41% over last year even though I haven't had a claim in years. I'm now shopping for a new insurance company. Can you recommend a good insurance company for someone who lives in Toronto, Ontario?

I've been with TD Insurance Meloche Monnex since 2006, the year I bought my three-bedroom semi in Toronto. I do not have any vehicles or any other properties. Last year the total cost of my home insurance was $1,437.45. For the coming year TD Insurance set the total cost at $2,036.85. I called and complained about such a massive increase, and they offered to discount the cost to $1,832.61, which is still a 27% increase over last year. I'm hoping to do better than that by shopping around. Suggestions?

posted by orange swan to Grab Bag (2 answers total)

I don't have a direct recommendation for you, but it sure sounds like home insurance is on the rise everywhere. Probably driven by increased property-destroying weather events, courtesy of climate change.

A couple years ago, my home insurance (Traveler's) renewal came in at nearly a 50% increase, and I was just... wtf?! No claims, no nothing, but here's a huge spike in your costs because line goes up, I guess.

I visited my local Farmers Insurance agent, who I knew socially but had not done business with. I figured that by going through an agent, I'd be paying something of a premium vs doing all the legwork myself and dealing directly with the various insurance companies. And, maybe so. But the agent prepared a home policy that was cheaper than my previous, non-inflated policy price, and with slightly better coverage and benefits, too. I also got quotes on switching my auto, term life, and umbrella policies, and in each case he was able to save me a little money while delivering equal or better benefits, so I wound up switching everything to him. In the end, I got my home, auto, term life, and umbrella policies, all with equal or better coverage than I'd had before, for less than my home + auto renewals alone would have cost me, had I stayed. So I figure I made out okay. All of which is to say, insurance is complicated, and in this case, I feel like using an agent was well worth it. I saved money, got better coverage, and I didn't have to do all the legwork myself. If he made a premium off all that, he more than earned it, in my book.
posted by xedrik at 1:44 PM on October 16 [1 favorite]

I’d suggest going to a local insurance agent. I used one a few years ago and she helped me get a much reduced rate with Andover/Merrimac. unlike Cedrick, this agent has no specific company affiliation. In US so not sure if this concept applies to Canada.
posted by j810c at 5:57 PM on October 16