Why the high premium.
I've been shopping for home insurance because I've noticed its got a little high and I've added a large renovated workshop/garage to the policy.
I'm getting wildly different quotes. To the point I've had some reps say they have no idea why its so high.
Currently paying 3400$/yr for house alone and with workshop 3900$/yr.
I'm getting quotes for 1300-1500 for just the house. Some insurance companies are extremely confused about workshop. Why its rebuild cost is so high ect. Don't know how to insure it properly because its not an accessory building if its over 50k$
I'm also getting quotes back for 5300$-6000$ for house and workshop. And the reps are flabbergasted and have no idea why its so high.
Info: house 1400sqft 1.5 story all new exterior and interior. All new plumbing electrical and hvac. New 200amp service. 15 yr old roof that is being replaced. Unfinished basement.
Foundation has been fully water proofed with new drainage and sump pump with backup and alarm.
2 baths.
Original part of house 1887 with addition in 1945.
Town water and sewer
No fire hydrants volunteer fire department less than 1 min away.
Appraised at $550k
Garage/workshop
1800 sq ft barn built in 1937
Extensively renovated
All new water, 100amp hydro service new steel siding and roof.
2 car garage on mainfloor and wood working workshop on second floor.
Forced air heat. Insulated. All new wiring.
Lots of drainage
Roughly 15k$ in tools.
I estimate build cost at a conservative $250k
Located in southwestern ontario.
For personal use only.