grt1 Posted September 14, 2010 Report Share Posted September 14, 2010 This morning I got a call from my insurance broker. My house insurance is up for renewal and a few weeks ago the insurance company notified the broker that since I have an oil furnace they would require a picture of my oil tank and I would have to fill in a questionaire. So being a good guy I sent a few pictures of the tank, a copy of the inspection certificate for the oil tank and a copy of the inspection certificate for the furnace. Today the broker tells me that in order for my insurance to be renewed I will have to replace my oil tank and get one that has a sticker that says it has been approved by the underwriters labratories. The oil companies tried to get a lot of people in our area to change their tanks a few years ago and when I checked with my member of parliament on the legislation that made this a requirement, he told me that only oil tanks that were installed after the legislation was passed would require this sticker. When I told this to the broker, she said she'd get back to me after checking with the insurance company since i felt the insurance companies were breaking the law by forcing an unneccessary expense. I checked with my member of parliament today and he told me that it was a Provincial issue and to talk to my provincial member of parliament. I did and they are checking into it. The company that changes the tanks said the cost to replace my oil tank will be $2500 plus tax. They also said they have been flooded with calls to replace tanks because the insurance companies are forcing the issue. Has anyone else out there been given the same ultimatum? Link to comment Share on other sites More sharing options...
SlowPoke Posted September 14, 2010 Report Share Posted September 14, 2010 That's more than a slap in the face, its a kick in the pills with a frozen mukluk! I don't think the insurance company is actually screwing you because they don't benefit financially from the new tank installation. They do however benefit from the lower risks associated with a new tank. If it passes a stringent inspection, couldn't the liability be passed on in the event something happened? It seems a shame you should incur such a cost to replace a perfectly useable tank. Link to comment Share on other sites More sharing options...
Joey Posted September 14, 2010 Report Share Posted September 14, 2010 Time to shop around for another insurance company if you ask me. I think they're trying to get rid of you. They do that when they aren't making enough money from you. Joey Link to comment Share on other sites More sharing options...
HTHM Posted September 14, 2010 Report Share Posted September 14, 2010 If one has an oil tank leak, the costs in remediating the the situation are huge! Houses have had to be demolished and goodness help you if the oil gets into the ground. In this case I can see the insurance company's point. It is not often that I do, but if the tank is at all questionable, then they should engage in CYA. It sucks that you have to pay for it though.... Link to comment Share on other sites More sharing options...
tb4me Posted September 14, 2010 Report Share Posted September 14, 2010 after reading you title I instantly thought it was rhetorical question cause were all getting screwed by our insurance companies..some more than others apearantly. Geez Link to comment Share on other sites More sharing options...
wallacio Posted September 14, 2010 Report Share Posted September 14, 2010 (edited) If one has an oil tank leak, the costs in remediating the the situation are huge! Houses have had to be demolished and goodness help you if the oil gets into the ground. In this case I can see the insurance company's point. It is not often that I do, but if the tank is at all questionable, then they should engage in CYA. It sucks that you have to pay for it though.... HTHM is absolutely correct. I work for an environmental laboratory and a number of our clients specialize in the clean-up and remediation of residential fuel oil spills. I've personally seen the absolutely monumental undertaking that often must occur to remediate a spill when a tank fails (basements or even entire yards dug up, houses raised up on shorings, all the while homeowners are forced to live in hotels for months on end). Paying for a new one is a tough pill to swallow but it's understandable that insurance companies no longer wish to assume the risk of older tanks. Edited September 14, 2010 by wallacio Link to comment Share on other sites More sharing options...
fishing n autograph Posted September 14, 2010 Report Share Posted September 14, 2010 Not my home insurance, but my health insurance...full coverage my ass....full coverage but we don't cover the $3000 in dental work that your wife needs....what a load of horse crap Link to comment Share on other sites More sharing options...
lew Posted September 14, 2010 Report Share Posted September 14, 2010 When I bought this place in March and notified my insurance company they also requested the photograph of the tank and the questionaire to be filled out. Everythings good though as it's ULC approved. Perhaps with the threat of a leak from older or non-approved tanks, this is the new norm for insurance companies. On a positive note with insurance companies though, when I moved from Toronto to the country my truck insurance went down $500 per year, and that's a good thing. Link to comment Share on other sites More sharing options...
The Urban Fisherman Posted September 14, 2010 Report Share Posted September 14, 2010 I have a very similar issue over here GRT1 but with my wood fireplace. It's a big giant custom made insert from the mid 70's that has served well not only for heat, but as the centerpiece of my living room, a place for my family and I to sit around and just relax and be together. Christmas is the best time with stockings hanging and a blazing fire with holiday tunes and the whole bit... BUT, because it is custom / homemade they might shut me down... force me to weld the doors shut or replace it.. The cost to replace it with a factory made, approved WOOD fireplace is around 2500.00 which just isn't in the cards for us. We have a guy coming to look at it today to see if he can help us out. Good Luck and keep us posted! Cheers, Ryan Link to comment Share on other sites More sharing options...
asdve23rveavwa Posted September 14, 2010 Report Share Posted September 14, 2010 We always seem to be getting it one way or another from insurance companies, as their profits keep getting bigger. Side-note for Ryan...would be a shame to shut that fireplace down. Was nice to have burning even in late August on the Fish-a-Thon day. Plus it is one heck of a conversation piece. Link to comment Share on other sites More sharing options...
HTHM Posted September 15, 2010 Report Share Posted September 15, 2010 Ryan, all you need is a WETT certification, I hope it works out for you. Link to comment Share on other sites More sharing options...
lookinforwalleye Posted September 15, 2010 Report Share Posted September 15, 2010 Sounds to me like Premier Dad is screwing you and not the insurance company!!! Ontarians will have a chance to fix that problem next year!!! Link to comment Share on other sites More sharing options...
Billy Bob Posted September 15, 2010 Report Share Posted September 15, 2010 Regrettably, this is the price you pay for TOO MUCH GOVERNMENT. Link to comment Share on other sites More sharing options...
jimmer Posted September 15, 2010 Report Share Posted September 15, 2010 These threads always get me going :-( Is there anything any of us can do????? We're like cattle being lead to slaughter! Link to comment Share on other sites More sharing options...
Billy Bob Posted September 15, 2010 Report Share Posted September 15, 2010 These threads always get me going :-( Is there anything any of us can do????? We're like cattle being lead to slaughter! YOU hit the nail on the head......hopefully we turn the tables... Link to comment Share on other sites More sharing options...
spincast Posted September 15, 2010 Report Share Posted September 15, 2010 I have worked with insurance companies and brokers placing high dollar (100,00k+) premiums for years. When you are placing that kind of policy year after year, I can tell you a 3 - 4% difference is significant. Let me just say that you need to understand that- you - the consumer are not representing your interest with the insurance company. Your broker is. Your broker is paid based on a % of the policy you pay. You can negotiate that fee with your broker (depending on the size of the account) AND a good broker will always get you the best deal. A bad broker will simply drop a file in front of the insurance company they want and turn that over to you with a mark up. Put your policies (include your car and any others - life etc) out to market. Make your broker work for your best interest. Look at how the premiums come back. Ask them - if I replaced this oil tank, what would happen to my pricing then ( you may be surprised how fast the savings will pay for that new tank). GRT1 - go shopping. It'll be worth your while. And if you want to know the name of my broker, drop me a pm. Link to comment Share on other sites More sharing options...
Billy Bob Posted September 16, 2010 Report Share Posted September 16, 2010 I have worked with insurance companies and brokers placing high dollar (100,00k+) premiums for years. When you are placing that kind of policy year after year, I can tell you a 3 - 4% difference is significant. Let me just say that you need to understand that- you - the consumer are not representing your interest with the insurance company. Your broker is. Your broker is paid based on a % of the policy you pay. You can negotiate that fee with your broker (depending on the size of the account) AND a good broker will always get you the best deal. A bad broker will simply drop a file in front of the insurance company they want and turn that over to you with a mark up. Put your policies (include your car and any others - life etc) out to market. Make your broker work for your best interest. Look at how the premiums come back. Ask them - if I replaced this oil tank, what would happen to my pricing then ( you may be surprised how fast the savings will pay for that new tank). GRT1 - go shopping. It'll be worth your while. And if you want to know the name of my broker, drop me a pm. Insurance brokers have THEIR best interest ($$$$$) in mind first and foremost...I stopped using a broker over 15 years ago. The first year I dropped my broker I saved $420 in premiums for homeowners and car insurance and I continue to save each and every year. I would never recommend a broker to anyone now a days. Deal direct with the insurance companies.....using the internet would be a great way to start and see how much savings is really out there when you don't use a middle man to hand your money to. Bob Link to comment Share on other sites More sharing options...
jimmer Posted September 17, 2010 Report Share Posted September 17, 2010 Insurance brokers have THEIR best interest ($$$$$) in mind first and foremost...I stopped using a broker over 15 years ago. The first year I dropped my broker I saved $420 in premiums for homeowners and car insurance and I continue to save each and every year. I would never recommend a broker to anyone now a days. Deal direct with the insurance companies.....using the internet would be a great way to start and see how much savings is really out there when you don't use a middle man to hand your money to. Bob Can we do that in Ontario?? Not sure we can. Link to comment Share on other sites More sharing options...
Billy Bob Posted September 17, 2010 Report Share Posted September 17, 2010 Can we do that in Ontario?? Not sure we can. Gee, I not sure either.....I would think so....don't you guys get insurance commercials on the radio, etc.... Try this Geico site to start....http://www.geico.com/landingpage/go195.htm?soa=52400&gclid=CI3r5NTsjqQCFQo65QodEiOcLA There was a generic site that would do a search for you with MANY different companies finding the best prices while dealing direct with the insurance company but I just can't think of it right now...if I do I'll post it. Bob Link to comment Share on other sites More sharing options...
grt1 Posted September 17, 2010 Author Report Share Posted September 17, 2010 So i got the oil tank changed, sent the insurance broker a picture of the new tank, a copy of the inspections certificate and they responded that once it was submitted to the insurance company they would notify me IF they get a renewal offer from the insurance company. Today they sent me a copy of the invoice for the renewal, it went up $300 . I guess they really like to kick you when you're down. Sure wish the government would step in and regulate these bandits Link to comment Share on other sites More sharing options...
Spiel Posted September 17, 2010 Report Share Posted September 17, 2010 So you comply with their wishes in order to be eligible for renewal and they jack your premiums $300.00, brutal! I'd be looking for a new insurance provider, immediately. Link to comment Share on other sites More sharing options...
spincast Posted September 17, 2010 Report Share Posted September 17, 2010 So i got the oil tank changed, sent the insurance broker a picture of the new tank, a copy of the inspections certificate and they responded that once it was submitted to the insurance company they would notify me IF they get a renewal offer from the insurance company. Today they sent me a copy of the invoice for the renewal, it went up $300 . I guess they really like to kick you when you're down. Sure wish the government would step in and regulate these bandits Tell the broker to go to market and find a better rate. Also tell them you are inviting other brokers to quote (and do it). What's 3 calls to save 300 or more? Link to comment Share on other sites More sharing options...
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