Based on the assessment, $171.80
When one person suffers from a delusion, it is called insanity.
When many people suffer from a delusion, it is called religion.
Household content insurance which covers bikes? (Merged multiple threads into this)
Based on the assessment, $171.80
That's pretty low from what I've seen. Interwebz suggests $180/sq ft is considered the bare minimum based on construction costs Lower Mainland (really basic rebuild) and $200-$250/sq ft is a more realistic number. Maybe someone in the building [HTML_REMOVED] construction trades can chime in here.
That is low.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells
Timely thread as my condo insurance renews on July 1, and my renewal notice shows a $185 increase over last year, mostly due to a 54% increase in the premium for earthquake coverage.
I did an online quote with TD/Meloche Monnex (alumni association group plan) and it looks like they can get the total back down to where it was last year with pretty much the same coverage as my current plan (also a group plan through provincial engineering association). Will have to call them to clarify a few details and get a firm quote.
That's pretty low from what I've seen. Interwebz suggests $180/sq ft is considered the bare minimum based on construction costs Lower Mainland (really basic rebuild) and $200-$250/sq ft is a more realistic number. Maybe someone in the building [HTML_REMOVED] construction trades can chime in here.
As I said, that's based on BC assessment. I don't know if our insurance policy reflects that or not.
Although BCA value will reflect depreciation, the place is only 4 years old so I wouldn't expect too much depreciation. That said, BCA can be a bit arbitrary, IMO. Our neighbour's place is the mirror image of ours, built at the same time and by the same builder. Lot dimensions are identical. Yet, assessment shows his house worth 20k less than ours but property worth 20k more - same total assessed value. Go figure.
When one person suffers from a delusion, it is called insanity.
When many people suffer from a delusion, it is called religion.
Thanks NBR. It turns out as an Alumni of a Canadian university we were eligible for that sweet TD Platinum Group plan and we got us a shiny new policy at more than half the price we were paying.
BCAA tenant insurance covers only 1k for a bike, unless you bring in a receipt to have on file of actual value. Just thought I would let people know.
BCAA tenant insurance covers only 1k for a bike, unless you bring in a receipt to have on file of actual value. Just thought I would let people know.
That is the default on their policies but you have two options with them:
1) Increase the replacement value (per bike) by a maxium of $3k (so max replacement value is $4k). This costs an additional $60ish per year if I remember correctly. This option does NOT require receipts or registering the individual bikes and I believe you have a $200-300 deductible per claim (not per bike if all are stolen).
2) Obtain specific insurance riders for individual bikes - requires receipts. With this option you can insure higher values than $4k.
I went with option #1 because 2 of my bikes are used (no receipt) and replacement value is roughly $4-5k even though fair market value is well under $2k by now.
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