Canadian Capitalist Logo Dark
No Result
View All Result
Sunday, January 29, 2023
  • Login
  • Register
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources
Subscribe
Canadian Capitalist Logo Light
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources
No Result
View All Result
Canadian Capitalist Logo Mobile
No Result
View All Result
Home Uncategorised

Home Insurance Premiums Increasing Sharply

by Ram Balakrishnan
March 8, 2011
Reading Time: 2 mins read
127 6
0
how to invest in a reit
152
SHARES
1.9k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Our auto and home insurance renewal documents arrived in the mail the other day. Last year, the cost to insure our two automobiles went up by 22 per cent and the cost to insure our home went up by 14 per cent. And when I replaced our rusty old 1992 Accord with a shiny new (relatively speaking) 2004 Accord, our auto premiums went up another 31 per cent (a part of this increase was due to the addition of comprehensive coverage). So, when our auto and home insurance renewal documents arrived in the mail the other day, I opened the envelope with some trepidation. I was hoping that 2011 wouldn’t see a repeat performance. Unfortunately, I wasn’t so lucky.

The news isn’t so bad on the auto insurance front. The changes to new and renewing auto insurance policies implemented in Ontario beginning September 1, 2010 meant that our auto premiums went up by just 7.6 per cent. The smaller increase is a direct result of a decrease in benefits for car owners who are injured in an auto accident. For example, medical and rehabilitation benefits for non-catastrophic injuries have been reduced from $100,000 to $50,000. The good news is that I was quickly able to eliminate the premium increase by boosting the deductible on direct compensation.

Home insurance turned out to be a different story. The premiums went up by 28 per cent for exactly the same coverage and same situation (no claims in the past year). I was able to get a 6 per cent discount for running what Belair Direct calls a home diagnostic (once again, showing that there is real money in some of the bill insets, so at least take a glance before chucking them away), which still means a premium increase of 20 per cent. Insurance companies are blaming increased payouts for wind and water damage due to climate change for the increase in home insurance premiums.

Related posts:

  1. Notes from the 2007 Berkshire Hathaway Annual Report
  2. E*Trade Quietly Offers Limited Wash Trades
  3. A Financial Advisor’s Sample IPS
  4. “Pitfalls” of Indexing
Share61Tweet38Share11

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Low Cost Mutual Funds from Jarislowsky Fraser

Next Post

This & That: Bank Earnings, Home Insurance and more…

Ram Balakrishnan

Ram Balakrishnan

Related Posts

Why you cant afford a house in Canada

Why You Can’t Afford A Home In Canada?

January 24, 2022
358
investing benefits
Investing

Finding a Financial Advisor, Part 1

June 19, 2021
2.1k
investing in bitcoin

Is it time to invest in Bitcoins again?

May 13, 2019
2k
when do reits liquidate
Uncategorised

Performance of Currency-Neutral S&P 500 Index Funds

January 19, 2014
2k
is mortgage interest tax deductible
Uncategorised

The 2013 Sleepy Portfolio Report Card

January 12, 2014
2k
how to buy individual stocks in canada
Uncategorised

Asset Class Returns for 2013

January 5, 2014
1.9k
Next Post
is stocks an asset

This & That: Bank Earnings, Home Insurance and more...

Please login to join discussion
Canadian Capitalist

© 2022 Canadian Capitalist

Navigate Site

  • Home
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources

© 2022 Canadian Capitalist

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
two man and woman standing on doorway
The man who does not read has no advantage over the man who cannot read - Mark Twain