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Old 08-29-2013, 05:33 PM   #1
chemgear
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Default Alberta 2013 Insurance Hikes - 30% or more?

I put this originally in the "Alberta Flood Watch 2013" thread but I was curious about what people are seeing for increases (or not). Hope it's cool to do a separate thread on this.

http://www.cbc.ca/news/canada/calgar...alberta-w.html

Homeowners in Alberta can expect to pay at least 30 per cent more for insurance, industry insiders warn.

Rizk said he heard rates could spike as high as 60 per cent for some customers, depending on factors such as their claims history, how long they have owned their property and where it’s located.

“So theoretically if you’re paying a thousand bucks in insurance last year on your home you could see a $1,600 premium — a $600 increase. “
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Old 08-29-2013, 05:49 PM   #2
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Renewed my house insurance last month, it went up about 30%. No claims and nowhere near flood zones.
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Old 08-29-2013, 06:13 PM   #3
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My insurance renewed this month and is actually the first year it has not went up.
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Old 08-29-2013, 07:04 PM   #4
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My understanding is that this is for the troubles we've had in recent years and does not actually reflect costs from the floods.....that'll come next year.
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Old 08-29-2013, 07:31 PM   #5
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Kinda makes we wish we'd played the insurance scam game the rest of the neighborhood played where most of them had their 20-22 year old roofs replaced under insurance, even though they were close to needing to be replaced anyways due to age. We spent 10K on a new roof...
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Old 08-29-2013, 08:06 PM   #6
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Insurance in many aspects is fully realized to ensure that the community pay the maximum endurable and to pay for all claims. The insurance companies keep moving all the chips so you don't realize they are just a form of saving for you, where they manage the money and take all the interest only to backslap you when it's time for you to withdraw the saving to pay for catastrophe.

The benefit of actually not making claims or even looking after stuff, such as aging roofs, etc, is that you can call them to task based on your claim history.
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Old 08-30-2013, 12:36 AM   #7
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Quote:
Originally Posted by Ironhorse View Post
Kinda makes we wish we'd played the insurance scam game the rest of the neighborhood played where most of them had their 20-22 year old roofs replaced under insurance, even though they were close to needing to be replaced anyways due to age. We spent 10K on a new roof...
How is that a scam? It's not like home owners approve themselves in order to get a new roof.
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Old 08-30-2013, 06:08 AM   #8
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Plus, if you paid for home insurance for 20-22 years with no major claims, the insurance company has been well compensated for the roof replacement.

If you are not going to use the insurance, why are you paying for it?
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Old 08-30-2013, 07:19 AM   #9
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Plus, if you paid for home insurance for 20-22 years with no major claims, the insurance company has been well compensated for the roof replacement.

If you are not going to use the insurance, why are you paying for it?
Are you sure you know what insurance is? The amount you have paid for 20-22 years have gone into the collective bucket and has paid for everyone's claims. If getting your money back through having claims is your expectation of insurance, you probably shouldn't be paying for it.
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Old 08-30-2013, 07:39 AM   #10
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Originally Posted by RW99 View Post
Are you sure you know what insurance is? The amount you have paid for 20-22 years have gone into the collective bucket and has paid for everyone's claims. If getting your money back through having claims is your expectation of insurance, you probably shouldn't be paying for it.
What does where your payments go have to do with filing a claim, and having the insurance company approve it, and paying for your roof?

Are you saying that you should be paying for insurance but not filing claims for major issues?
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