HawthorneVillager.com

I just received my insurance renewal documents from TD Meloche Monnex.
Vehicle premiums went down 1.5%
Residential premiums went up 32.2%.

TD claims house premiums are on the rise due to the floods in 2013 and the ice storm in 2014.

Has anyone noticed comparable hikes in their insurance policies?

Nope. Call around.

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No, no. You know who was right all along? The Mongolians. They knew that you just can't wall yourself off from the outside world. Putting walls up never helps anything. Tearing them down brings us together.
-Randy-South Park

this comes as absolutely no surprise. the insurance company has to keep their 30% margins, regardless of the claims they have to pay out.

Had same increase re floods (I thought was rather funny since they blame things like downtown Toronto old infrastructure)

Call in & argue they will reduce it if you had no claims

I call them "Assurance" companies... their business model assures that they make a profit with little to no risk. If they pay out, you'll eventually pay more.

Has that actually worked for you in the past? What do you say that you are claim free for your house, no damage from the storm?

My home insurance went up quite a bit too, also with TD. I called and complained, and they reduced it for me.

really? I tried, no budge...

We moved to RBC Insurance 2 year ago when our home insurance was going up willy nilly with zero claims. In fact, it was went up 50% over 2 years. The company we dealt with at the time (Johnson) said tough luck, have to cover other claims, blah blah so we got a quote from RBC and it was WAY less. In fact our auto insurance was WAY less too. Even though I had a minor accident with previous company and they gave first time forgiveness, it was more expensive than RBC counting me as a driver with only 1 year of experience! It pays to shop around.

For the poster that had TD drop their premiums, I obviously don't know this as a fact, but I'm assuming they changed their coverage in order to give them lower premiums. As far as I know, it's all based on formulas and they can't just give you a lower price to be nice. They might have found some more discounts for them or upped their deductibles.

I was with TD MM for 3 years then switched to RBC in 2013. I had zero claims with TD and every year my rates were going up. RBC was significantly lower when I signed up and when it renewed this year it dropped even lower.

check out kanatex.ca and enter in your info and it will give you quotes from a bunch of companies.

Thats what I was thinking...

Yes and no. I did increase my deductible (since I wouldn't make a $500 claim anyhow), BUT they also gave me an additional discount to bring the premium back to what I was paying before the increase. I just asked them for a copy of my policy so that I could shop around and told them that a 30% increase for a brand new home was insane, and they put me on hold, and came back with a new offer. I work in insurance so I'm certain they didn't just screw me around with smoke and mirrors. I didn't change any other coverage, and upping the deductible alone didn't get the premium down enough. Now whether or not they found some more hidden discounts that hadn't previously been applied, I can't say, but the OP certainly call and tell them you're not happy with such a steep increase and no claims history. They may be able to help.

(auto and life are a whole different animal, in terms of pricing)

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Kelly
Amesbury

Most companies will because (as others posted above) you have been with them for a certain period of time, you pay your premiums, and you make no claims
But yes my insurance is with TD


*edit - and as others posted this ONLY works with house insurance... auto is an entirely different beast

I'm with RBC. No claims at all (home & auto). Flawless driving records for both my husband and me. Our premiums have been increasing year over year. Bastards enticed us with sweet premiums and the employee discount that has remained even after I left to go work for another insurance company for more money. Time to change.

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Some people are like slinkies. They're really good for nothing but they still bring a smile to your face when you push them down a flight of stairs.