Its that renewal time of year.

Someone convince me its worth paying the extra few hundred to have an extra $1m liability coverage. Currently its $2M, but Im thinking of droping it back to $1m.

Has anyone here had an accident where the max liability level became an issue?

Is is that much more for you to bump up your liability cover? Mine's due for renewal next week, and I get $2.8m liability for $104.72

It appears to be about $200 or so, far as I can tell, 10%! The robbing bastards want $1300 a year to insure my crappy house too!

I got stung moving out of city limits last year for house insurance - a broker I used insisted I was getting the best deal at $2,500 for a year's premium, due to lack of fire coverage etc etc.

Mrs Rich spent the day on the phone last week and ultimately a got better policy (no solid fuel fire restrictions) from TD Bank, for $1,450 per year, which was pleasing.

my problem is that they automatically calculate the value based on square footage, and they must use Toronto rebuild costs or something. 1200 sq ft comes up at $312k to rebuild, or roughtly twice what MPAC think its worth on the market!

Your broker's quote is on a par with ours, and ours is a piddly little 3 bed log home, not a mansion

Think it could be worth us giving TD Insurance a call... Thanks!

I purchased a property in Sun Peaks month, and TD did a great deal on that too - $895 for a 2,750 sq/ft duplex, with the basement suite covered for rental purposes.

Same with mine. Every year the re-build cost goes up. Last year I pointed out to them that I have several custom home builders as clients. In 2007 they would turn their noses up at anything less than $250 per square foot. In 2010 they would have bitten my hand off for a project at $200 psf. The insurance company were unimpressed.

Yes, plenty (well, not had an accident, but seen lots of them). I'm sure Nikki in NS can give you some examples also.

My suspicion though is that in cases like that the lawyers will go after whatever liability will cover.

Theres no point trying to get more than a million if the party they are suing doesnt have it, or access to it? If you have 2M, they will go after it, if you only have 1M, then thats what they will go after?


Too cynical?

True the lawyers will go after what coverage is available on a policy, but if you have caused something that is in excess of 1m they can sue and even if you cannot pay get a judgement against you for the difference which could cause issues, I would pay it the extra premium, it doesnt take much to have a claim build to in excess of $1m.

Also double check but here in NS if you buy excess liability coverage, if you are involved in an accident where the person you are claiming from say carries $1m liability and the value of your claim exceeds this then you are able to fall back to your own policy to pick up the difference, known here as 44 endorsement.

HTH