House Insurance GTA - Have Prices Gone UP this year??

[tjthemanto]

I just received my home insurance renewal notice.

There are no changes in the coverage , no claims ,no changes etc from my side .

Its the normal renewal notice they send to you about 60 days before.

My policy this year is exactly the same as last year & all other conditions are exactly the same as last year , but my renewal premium this year is 15 % more than last year.

I was wondering if the home insurance this year in general has gone UP ( 10 -15 % ) compared to last year in GTA because of the losses suffered by most insurance & financial companies like AIG etc.

Are most people seeing an increase in their home insurance policies of say 10 % - 15 % this year as opposed to last year ??? ( Upon Renewal )

I have called a couple of other companies besides mine for a quote & they have pretty much given me the same quote as my present company's renewal invoice quote .

Any info is appreciated.

[tjthemanto]

BTW my current home insurance company is THE ECONOMICAL GROUP .

I am with them for the past 4 yrs.

[tommyamaral]

Thats really weird I just got my car insurance Same company,They also raised my insurance no claims,Tickets etc. It was raised $40 a month,Screw them got a cheaper rate with RBC because my house insurance is also with them.

[robbiex1]

I work in mid-to-large market commercial/industrial property insurance.

Insurance companies have lost a lot of money in the stock markets this past year. Also, they haven't made money on the underwriting side as rates have been dropping for several years now (they call this a soft-market cycle). Add in a pretty rough year for claims (one of the worst hurricane seasons last year) and it adds up to a lot of bad news for insurers.

One way to turn that around is to raise rates and that's what you're seeing. The market is hardening (rates going up), regardless of loss experience or risk. It's driven mostly by the fact that they're not making money.

I expect to see rates up in almost all lines of insurance by the end of the year.
Sorry but that's how it is.

[tjthemanto]

I work in mid-to-large market commercial/industrial property insurance.

Insurance companies have lost a lot of money in the stock markets this past year. Also, they haven't made money on the underwriting side as rates have been dropping for several years now (they call this a soft-market cycle). Add in a pretty rough year for claims (one of the worst hurricane seasons last year) and it adds up to a lot of bad news for insurers.

One way to turn that around is to raise rates and that's what you're seeing. The market is hardening (rates going up), regardless of loss experience or risk. It's driven mostly by the fact that they're not making money.

I expect to see rates up in almost all lines of insurance by the end of the year.
Sorry but that's how it is.

Good to know that because for the past 3 yrs i.e 2006 , 2007 & 2008 that I was with them ( The Economical Insurance Group ) my home insurance rate was the same upon renewal.. but this year ( 2009 ) it suddenly went up 15 % over last year.

That's why I was a bit surprised as it didn't increase or decrease for the last 3 yrs but did so this yr upon renewal.

[CSK'sMom]

Thanks for that Robbie. I feel better now about switching companies the other day and ultimately paying more for our home insurance (much higher values though) in order to save over $900 on our auto policies. Ultimately we're saving overall with all the policies combined.

[speedyforme]

I guess I'll find out this year when mine is up for renewal.

[tjthemanto]

I guess I'll find out this year when mine is up for renewal.

My Insurance Broker was telling me they are getting a lot of calls - left ,right & centre from a lot of customers asking why the rates have gone up this yr. ( around 15 % ) as compared to last year upon renewal .

When is your policy up for renewal ??

Mine is coming up for renewal on June 15 -2009 .

[speedyforme]

I think my car is end of June or July and my home is Sept.