- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Property Insurance Dilemma
I have a property worth very little, valued at under 100k. Unfortunately, my insurance company informed me that they can no longer insure me since I live outside of the province, quoting a hefty price of $600 for coverage.
## Soaring Insurance Costs
Seeking quotes from other insurance providers, I was shocked to discover that the premiums ranged from $4000 to $5000. This drastic increase was attributed to the recent floods, especially impacting out-of-province property owners who use their homes for Airbnb vacation rentals.
## Unfair Pricing
What’s more frustrating is that all the quotes I received were based on median home values, completely disregarding the fact that my property’s value is significantly lower. This unjust pricing system has left me in a financial bind.
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## Seeking Assistance in NS
Has anyone else encountered a similar insurance predicament in Nova Scotia? I’m desperately searching for a reputable insurer that offers reasonable rates and fair coverage. If you have any recommendations or success stories in finding affordable property insurance in NS, please share your insights.
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Just a side note. Not sure who you’re with but my home is also valued less than 100k and I pay $96/month with TD. However I also have my car through them
Edit: also in NS
Your home is worth $100k, but what is the cost to rebuild if it burnt down?
Expect that insurance costs will continue to increase for everyone in the future. Climate change is real. Insurance companies are facing massive payouts due to floods and wildfires. Some insurance companies are no longer issuing new policies for places like Florida and California because the risks there are so high.
Even if the house is only worth 100k right now, if your house burns to the ground or is completely destroyed by a flood, rebuilding it will cost current prices which will be more than 100k.
If you want help finding insurance, contact an insurance broker.
If you can’t afford to keep the house, sell it. You won’t have to spend too much to sell it.
Sell it to your tenant?
Use an online broker like Surrex.com
Can also try Zensurance, i was with Sonnet before switching to them. Im not in NS though.
We had a family cottage that we were renting out during the summer. Tge cost was close to 4K three years ago. I think it was because it was a rental
I wonder if you could setup a NS corporation to hold the house? Just a thought.
I don’t think you understand how insurance works or what your property is worth. So maybe start there,
* What is the value of the land (lot)
* What is the cost of having your home rebuilt from scratch
You’re going to need insurance coverage upto the cost of the home being rebuilt.
The other factor is that if the structure property is dilapidated, then no insurer is going to touch it. So if you’re not living there and the property hasn’t been kept up to spec, maybe that’s a factor in why the cost to insure it is so high.
If the structure on your property is indeed on it’s last legs, then what do you need insurance for in the first place?
Lastly call up or write an email to multiple local insurance brokers who operate in the area where said property is, my guess is that they will likely be able to paint a better picture and offer advice than us folks on reddit, who have no clue as to where the property is, what the insurance risks in the said area are and what the condition of the property is.
Try TD direct (online)