Another Increased Expense

I really shouldn't be surprised but here it is, another increased expense.  Just got notice our house insurance is going up $168.96 annually.

For those of you who have owned a home for a long time, is this a lot?  Or, is the increase reasonable?

They also increased my deductible to $1,000.  



  1. That seems like a lot, but you now have the garage, too. Is that reflected in the rate? Might be time to shop around.

  2. Nope - has nothing to do with the garage; it has everything to do with massive flooding in Alberta and a crap tonne of claims being made.

    The mandatory increase in deductible was to hopefully offset some of the increase and to prevent people from making small claims which is costing the industry more money then they are taking in (ha! yea right!)...

    I found places where we could get either or; pay less in insurance for car or for auto - but nothing that was less then a combined plan and if we split the two products up we'll be paying wyayy more.

    I'm crossing my fingers that next year is the year to shop.

  3. I wouldn't be surprised if you don't see another large increase next year. I saw an article in our local paper about insurance companies looking at updating the eographical mapping info they use to determine rates for sewer backup and water damage as the ones they use now are 20-30yrs old. The extensive flooding in your area has shown that their info is really dated, as it is in Toronto (where the article was written). It talked about how they will be looking at restricting coverage, or refusing to insure altogether those that are living on areas deemed to be flood plains. Even in NB (where I live) we've had lots of weird weather. My parents have had water in their basement twice in the last 3yrs. Before that, the last time they had any water at all was 25yrs ago. Just another happy thought, if you can't get insurance, you can't get a mortgage.

  4. Jessie's Money7 November 2013 at 19:11

    Wow..I'm surprised their data is that old; but if that's the case - it makes sense that as an industry they are looking at standards...my area (thankfully) is fairly high and dry; so maybe new maps would help? Only time will tell.

  5. We just got notice that our increased by $85 this year. Our deductible is already $1000.

  6. I agree that the increase seems a bit high and is probably flood-related. I noticed our co. has sent a pre-warning letter telling us our water damage coverage will be greatly reduced when we renew and we should read our new policy limits carefully when it arrives. Sigh.


Hi! Thank you for stopping by and leaving a message.


Links ♥