Outrageous increase of homeowners insurance premiums because of 2 subsequent water claims within 2 days of each other. Damages were continuous from initial event but due to timeliness of repair and attention to detail, we suffered a 500% increase in our insurance rates. 890$ to 4800$... A blow to our budget! I also called our agent when our secondary damages happened and specifically inquired about increase in rates; obviously a concern of ours. I was told that we would face loosing our multiple policy discount of 10% only. I accepted this and expected to face an increase and higher rates due to the claims but NEVER this much.
We called our agent upon renewal and questioned this and were told the company has suffered too many losses and is attempting to recover... Yeah! From my own pocket! Had I known this would occur, I probably would have opted to repair the damages or have a contractor repair for us at a more reasonable price! I cannot understand the power and control insurance companies have over us. Hook, line and sinker! In fact, it has led us into somewhat of a financial burden... Just think of it as an extra MTG payment or car payment... My Canada Pension Disability income surely dips down rapidly on the day Co_Operators debit my account. It makes me sick! I've attempted to find other companies however given the fact we have 2 claims within 1 year, they deny us immediately. There must be something I can do to remedy this? Is there?
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