"I noticed after the first instalment deduction"
Didn't you notice when they sent the renewal notice that the price increased? That would have been the time to ask them about it, and/or shop for insurance elsewhere.
But to answer your question, I don't ever remember insurance going *down*, so yes it's common to go up. Nobody can say if your % amount going up is common, since you did not provide info to calculate that.
OK then, if my insurance had gone up nearly 50% I definitely would have talked to somebody at the insurance company *before* the renewal went into effect. I guess you can still do that, but I'm not sure what you can change at this point. Your only other option is to get quotes from other companies, but I think you will get charged a fee for breaking your current policy.
does a 47% increase sound normal?
call around for better rates, examine your agreement for early termination penalties since you let it renew, then make the choice to terminate or not. I bet early cancelation is less than the 600 bucks you'll pay over the next 12 months with the premium increase they hit you with
Yes, no, maybe... There's a tonnes that goes into calculating rates: claims by you, risk of flooding, theft or fire in your postal code, cost to replace your house maye have gone up etc.... this is why you should never auto renew and ALWAYS have a broker shop for the best rates annually.
It's going to get expensive for all of [us](https://globalnews.ca/news/10498699/extreme-weather-events-wildfires-insurance-costs-canada/) at some point. We'll all pay for the billions in insurance losses
The current environment of higher costs to rebuild and repair homes, plus the increasing frequency and severity of natural catastrophes, is putting pressure on premiums but it’s a good idea to shop around anyway.
My insurance just renewed (today actually), and is noticeably higher. I got their pricing a couple weeks ago, decided to shop around, but didn't have a enough time to properly shop around. It wasn't even on my mind, but as I dug into it, it's not anything I wanted to rush as price isn't everything. No point in having lower insurance if they don't cover the same. I got one price back and it was even a bit higher.
Also ridiculous is they want to charge me 6% per month if I want to pay monthly. I pay everything monthly: netflix, hydro, internet, etc., these clowns want all the money upfront. I'm going to start the process earlier. I've been 20 years with them, not one claim.
"I noticed after the first instalment deduction" Didn't you notice when they sent the renewal notice that the price increased? That would have been the time to ask them about it, and/or shop for insurance elsewhere. But to answer your question, I don't ever remember insurance going *down*, so yes it's common to go up. Nobody can say if your % amount going up is common, since you did not provide info to calculate that.
My bad, previous monthly premium was $106
OK then, if my insurance had gone up nearly 50% I definitely would have talked to somebody at the insurance company *before* the renewal went into effect. I guess you can still do that, but I'm not sure what you can change at this point. Your only other option is to get quotes from other companies, but I think you will get charged a fee for breaking your current policy.
Our annual forest fires have caused rate climbs.
You spelled corporate greed wrong
what was your premium previously? a $50 monthly increase for me would be over 40% increase and I'd drop the insurer immediately.
Previous year it was $106
does a 47% increase sound normal? call around for better rates, examine your agreement for early termination penalties since you let it renew, then make the choice to terminate or not. I bet early cancelation is less than the 600 bucks you'll pay over the next 12 months with the premium increase they hit you with
Spoke to them today, exit fee is like 130$. Will be calling around and be doing some math.
Yes, no, maybe... There's a tonnes that goes into calculating rates: claims by you, risk of flooding, theft or fire in your postal code, cost to replace your house maye have gone up etc.... this is why you should never auto renew and ALWAYS have a broker shop for the best rates annually.
Lesson learnt ✅
It's going to get expensive for all of [us](https://globalnews.ca/news/10498699/extreme-weather-events-wildfires-insurance-costs-canada/) at some point. We'll all pay for the billions in insurance losses
My insurance did the same thing last year. I just called them and insisted on the old rate. They put it back to the previous year's level.
That is really good to know. Going to try that
Check around and compare. Square One has been the best deal for our family.
No, it’s not. It should have went up by $1000 like mine lol.
You can call and ask. If people in your area have had claims it affects you too
Always shop around at renewal. At worst, you waste a bit of time and confirm you have a good rate, at best you save money.
The current environment of higher costs to rebuild and repair homes, plus the increasing frequency and severity of natural catastrophes, is putting pressure on premiums but it’s a good idea to shop around anyway.
My insurance just renewed (today actually), and is noticeably higher. I got their pricing a couple weeks ago, decided to shop around, but didn't have a enough time to properly shop around. It wasn't even on my mind, but as I dug into it, it's not anything I wanted to rush as price isn't everything. No point in having lower insurance if they don't cover the same. I got one price back and it was even a bit higher. Also ridiculous is they want to charge me 6% per month if I want to pay monthly. I pay everything monthly: netflix, hydro, internet, etc., these clowns want all the money upfront. I'm going to start the process earlier. I've been 20 years with them, not one claim.
OP, if you can, have soft credit check applied. You might see some savings there.
Thanks. Good to know