Insurance and massive lumber increases

[Ken07AOVette]

I have been talking to people that have been looking into building or renovating, myself included and of course it got me thinking about insurance. If you look at the price of a sheet of plywood;

3/4” Plywood Standard:
March 2020 - $37.98 /sheet
February 2021 - $72.49 /sheet
March 2021 - $83.49 /sheet
April 2021 - $95.98 /sheet
That is 252% price increase on one of the most used piece of common lumber for construction.

The Cooperators said this morning that yes absolutely prices are going to be going up. They have to. For every house that is burned because someone is mad or cant make their payments, the rest of us are going to carry the burden.

My renewal is in May. I just can not wait to find out how much this will affect me. What a scam all of this is.

They did say however that as long as you have guaranteed replacement on your buildings that no matter the cost to replace, it will be replaced to the same square footage up to the same insured value.

Pay pay pay pay pay pay pay

[Husty]

I think the lumber business was sick of being screwed over we can blame it on covid, wildfires, or flying spaghettis monsters. But with inflation and crazy real-estate markets id want a bigger cut of the pie and now have a good excuse. I also heard that there is like 5 major lumber suppliers soo monopoly?

Inflation of basic goods is a very bad sign look at Venezuela or Germany (before ww2).

[Cigarguy]

Not to worry. Insurance rates will only go up with lumber being the excuse but when lumber comes back to normal, the insurance rates will stay at the artificial high.

[Cement Bench]

try to renew early and reset the premiums

[Jim Blake]

Our insurance is due April 30 and I just received the new premiums and details.

The insurance coverage for the shop, outbuildings and house were increased in value by 15%. The insurance premiums went up 8%.

I sure wouldn't want to be starting out building anything right now!! I wonder what the price of lumber will be by next year? The inflation numbers posted by the Government are a joke.

[tbiddy]

Renewing my commercial liability insurance and was told rates will be up 10-15%.

[Yukongold]

Originally Posted by Jim Blake

Our insurance is due April 30 and I just received the new premiums and details.

The insurance coverage for the shop, outbuildings and house were increased in value by 15%. The insurance premiums went up 8%.

I sure wouldn't want to be starting out building anything right now!! I wonder what the price of lumber will be by next year? The inflation numbers posted by the Government are a joke.

My neighbor just got his house premium and it's up $1000.00 over last year. He spent his career in the insurance business so he called Toronto. When he asked them what was up they told him his house was 25 years old and it was plumbed with Poly- B so he no longer qualified for preferred premium. They are apparently getting claims with Poly-B failing. Change it all out to Pex to qualify and get the lower premium. No joke.

[57charlie]

It's getting to the point that you could probably throw a 2 x 4 under your vehicle and maybe the catalytic converter thieves will take that instead of sawing off half your exhaust system.

[Savage Bacon]

We were planning on building a deck and carport this year. Yikes!

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[Fitscottn]

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[Freedom55]

Over here with the insurance nazis we actually got an insurance break this year. My renewal for the home policy went down, after several years of increases, by about 15% and the auto policies are offering a like amount in refunds for the past three years. I am expecting a cheque in May for about $825 per auto. We've made no claims on any policy.

This in a jurisdiction with no competition.

Free

[fishtank]

I should have went and brought a steel shelf at Home Depot instead of try to build one ... damn

[Dean2]

We just switched our insurance from RSA to Intact, who actually bought RSA. Better coverage and saved 1500 a year between the house, shop and 4 vehicles. It pays to shop around.

[CaberTosser]

I wonder if this makes a garage with masonry walls the more economical choice?