Comments on: June 2007 Net Worth Update (+1.54%) http://www.milliondollarjourney.com/june-2007-net-worth-update.htm Building Wealth through Saving and Investing Sat, 21 Nov 2009 03:00:37 -0500 http://wordpress.org/?v=abc hourly 1 By: Jeff http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7648 Jeff Tue, 03 Jul 2007 14:10:57 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7648 In fact, when I left the rock, I had my rental property (previously my house I lived in) in Paradise insured with them. The house was a 3 bedroom with a 2 bedroom apartment and I believe the insurance was around $700 a year. I just sold the house in May. The insurance went up a very small amount when I switched from owner-occupied to tenants, I was quite surprised, especially given what others have told me about rental insurance. In fact, when I left the rock, I had my rental property (previously my house I lived in) in Paradise insured with them. The house was a 3 bedroom with a 2 bedroom apartment and I believe the insurance was around $700 a year. I just sold the house in May.

The insurance went up a very small amount when I switched from owner-occupied to tenants, I was quite surprised, especially given what others have told me about rental insurance.

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7604 FrugalTrader Mon, 02 Jul 2007 20:08:12 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7604 Jeff, have you insured any rental properties with Meloche Monnex? How have you found the rates? The companies that i've called around here double their rates for rentals. Jeff, have you insured any rental properties with Meloche Monnex? How have you found the rates? The companies that i’ve called around here double their rates for rentals.

]]> By: Jeff http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7601 Jeff Mon, 02 Jul 2007 17:49:38 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7601 I will also vouch for Meloche Monnex. I've used them in St. John's and Yellowknife using their Halifax/Calgary offices and I've had nothing but superb service from them every time I've called. They're great for adding/deleting homes/cars/rental units, as well as the unfortunate time or two I've had to call to report a claim. All my experiences with other insurers have been that rates are higher and knowledge lacking. The only thing to watch with Meloche is that they're not cheap for people under 25, especially those under 21. Now that I'm a few yrs past both ranges, I'm happy to have the better service and rates. I will also vouch for Meloche Monnex. I’ve used them in St. John’s and Yellowknife using their Halifax/Calgary offices and I’ve had nothing but superb service from them every time I’ve called. They’re great for adding/deleting homes/cars/rental units, as well as the unfortunate time or two I’ve had to call to report a claim.

All my experiences with other insurers have been that rates are higher and knowledge lacking. The only thing to watch with Meloche is that they’re not cheap for people under 25, especially those under 21. Now that I’m a few yrs past both ranges, I’m happy to have the better service and rates.

]]> By: Jon/BlogThot.com http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7416 Jon/BlogThot.com Fri, 29 Jun 2007 19:26:56 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7416 It's great to see another Canadian blogger! 13% YTD is very good considering we're not even in July yet. Also, while I'm sure you're feeling the hit from that car insurance payment, it's still less than mine (in Ontario). It’s great to see another Canadian blogger! 13% YTD is very good considering we’re not even in July yet. Also, while I’m sure you’re feeling the hit from that car insurance payment, it’s still less than mine (in Ontario).

]]> By: Bryce http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7402 Bryce Fri, 29 Jun 2007 16:19:34 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7402 Actually you can usually get out of an insurance policy without penalty after a certain number of months. When I canceled a condo insurance policy it kind of went like this. $120 / year -> If you canceled on the first day you would only get $60. If you canceled after 6 months you would still just get the $60. After 7 months $50. I think you get the picture. This is obviously just my experience but maybe you have something similar. Actually you can usually get out of an insurance policy without penalty after a certain number of months. When I canceled a condo insurance policy it kind of went like this.
$120 / year -> If you canceled on the first day you would only get $60. If you canceled after 6 months you would still just get the $60. After 7 months $50. I think you get the picture. This is obviously just my experience but maybe you have something similar.

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7401 FrugalTrader Fri, 29 Jun 2007 16:07:40 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7401 I just did a quote online with Meloche, and it would cost me around $2k for the same coverage! That's a 20% savings! Probably can't do much about it now that I've already paid for my auto insurance in FULL. I just did a quote online with Meloche, and it would cost me around $2k for the same coverage! That’s a 20% savings! Probably can’t do much about it now that I’ve already paid for my auto insurance in FULL.

]]> By: nobleea http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7399 nobleea Fri, 29 Jun 2007 15:54:25 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7399 I never checked local/other companies. They usually don't compare. Friends who have checked with other insurers usually get the response "you're with Meloche? we can't beat them". They also have my condo insurance which lowers my car insurance by 10%, almost enough such that the condo insurance is 'free'. What's the fee for paying monthly? Money has time value, if it's only 10 or 20$ per year, then I'm sure you could gain that back by putting the money in a high yield savings account. Same thing when it comes to income taxes - I would much rather have to pay extra at tax time than get a refund. A refund means the govt had my money, getting interest on it, and I did not. I never checked local/other companies. They usually don’t compare. Friends who have checked with other insurers usually get the response “you’re with Meloche? we can’t beat them”.
They also have my condo insurance which lowers my car insurance by 10%, almost enough such that the condo insurance is ‘free’.
What’s the fee for paying monthly? Money has time value, if it’s only 10 or 20$ per year, then I’m sure you could gain that back by putting the money in a high yield savings account.
Same thing when it comes to income taxes – I would much rather have to pay extra at tax time than get a refund. A refund means the govt had my money, getting interest on it, and I did not.

]]> By: MoneyMusing http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7398 MoneyMusing Fri, 29 Jun 2007 15:48:32 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7398 +1 for Meloche. If you're able to be insured through them (Professional Association, Alumni group, etc.) no other company comes even close. Me: $475/yr 1 car 1 driver in PEI. +1 for Meloche. If you’re able to be insured through them (Professional Association, Alumni group, etc.) no other company comes even close.

Me: $475/yr 1 car 1 driver in PEI.

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7397 FrugalTrader Fri, 29 Jun 2007 15:46:44 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7397 For me, there is an extra charge for paying monthly. I'm all about reducing fees, so I just pay in lump sums. For you guys using Meloche Monnex, what was the price difference between them and a local company? For me, there is an extra charge for paying monthly. I’m all about reducing fees, so I just pay in lump sums.

For you guys using Meloche Monnex, what was the price difference between them and a local company?

]]> By: Bryce http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7396 Bryce Fri, 29 Jun 2007 15:37:08 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7396 Yah, I just switched from AMA to Meloche (go APEGGA) and went from annual payments to monthly since Meloche didn't penalize you for doing so which AMA did. Yah, I just switched from AMA to Meloche (go APEGGA) and went from annual payments to monthly since Meloche didn’t penalize you for doing so which AMA did.

]]> By: nobleea http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7395 nobleea Fri, 29 Jun 2007 15:03:53 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7395 I have always considered home and auto insurance to be an expense and not a liability. So it would get tracked the same way as food and power bills and would not fall under liabilities or affect your net worth. If it did, then why not put in the insurance liability for next year, and the year after? Does everyone pay lump sum every year? I've always paid monthly, which doesn't cost anything and gives me some time value for my money. Is that an option out east? I pay about $900 for full coverage on a 40K vehicle. There's a sweet group discount through MelocheMonnex from APEGGA, the AB engineer's association. FT, you should see if a similar one exists in NFLD as I assume you are a member of the professional association there. I have always considered home and auto insurance to be an expense and not a liability. So it would get tracked the same way as food and power bills and would not fall under liabilities or affect your net worth. If it did, then why not put in the insurance liability for next year, and the year after?
Does everyone pay lump sum every year? I’ve always paid monthly, which doesn’t cost anything and gives me some time value for my money. Is that an option out east?
I pay about $900 for full coverage on a 40K vehicle. There’s a sweet group discount through MelocheMonnex from APEGGA, the AB engineer’s association. FT, you should see if a similar one exists in NFLD as I assume you are a member of the professional association there.

]]> By: GlobexInvesting http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7393 GlobexInvesting Fri, 29 Jun 2007 13:58:07 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7393 Just to list a couple of sites that will give you multiple quotes online (much easiest than phoning in my opinion!): www.kanetix.ca www.insurancehotline.ca Just to list a couple of sites that will give you multiple quotes online (much easiest than phoning in my opinion!):

http://www.kanetix.ca
http://www.insurancehotline.ca

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7392 FrugalTrader Fri, 29 Jun 2007 13:52:18 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7392 Dennis: We have a line of credit as a backup plan in case we ever run on hard times. Other than that, we usually have some cash laying around. :) Globex: Hmm.. I always thought that $1200/person was cheap! We've phoned around here, and that was definitely among the lowest of rates. Perhaps all newfies are getting ripped off? :) Dennis: We have a line of credit as a backup plan in case we ever run on hard times. Other than that, we usually have some cash laying around. :)

Globex: Hmm.. I always thought that $1200/person was cheap! We’ve phoned around here, and that was definitely among the lowest of rates. Perhaps all newfies are getting ripped off? :)

]]> By: GlobexInvesting http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7390 GlobexInvesting Fri, 29 Jun 2007 13:42:26 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7390 Over $2400 for auto insurance definitely seems a bit steep, especially for out east, and especially since your cars are worth about $17k, which should make the collision portion of your policy relatively affordable. Even here in Toronto, we own two cars, worth about $30k combined, and our insurance is less than $2000 a year (full coverage). I hate to plug anything - but I hear from a lot of people that Belair Direct has really good rates - maybe you want to check them out? Over $2400 for auto insurance definitely seems a bit steep, especially for out east, and especially since your cars are worth about $17k, which should make the collision portion of your policy relatively affordable. Even here in Toronto, we own two cars, worth about $30k combined, and our insurance is less than $2000 a year (full coverage).

I hate to plug anything – but I hear from a lot of people that Belair Direct has really good rates – maybe you want to check them out?

]]> By: Dennis http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7388 Dennis Fri, 29 Jun 2007 13:24:17 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7388 A gain is always better than a lost! Do you have an emergency fund of some sort set aside? A gain is always better than a lost!

Do you have an emergency fund of some sort set aside?

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7387 FrugalTrader Fri, 29 Jun 2007 13:12:06 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7387 "it’s more likely that a renter will burn a building down than the building’s owner)" How comforting... :) “it’s more likely that a renter will burn a building down than the building’s owner)”

How comforting… :)

]]> By: George http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7386 George Fri, 29 Jun 2007 13:10:35 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7386 $1300 is for both of us, insured on a single vehicle. I hadn't realized that the insurance on a rental property is higher, but I suppose that makes sense (it's more likely that a renter will burn a building down than the building's owner). $1300 is for both of us, insured on a single vehicle.

I hadn’t realized that the insurance on a rental property is higher, but I suppose that makes sense (it’s more likely that a renter will burn a building down than the building’s owner).

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7383 FrugalTrader Fri, 29 Jun 2007 12:09:47 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7383 Hey George, the home insurance is for both houses. My primary residence is around $400, but the rental property insurance is double! Around here, rental property insurance is usually expensive. Your car insurance only costs $1300 for the both of you!? $1200/year for each of us is a pretty decent price around here (we have 2 cars). Hey George, the home insurance is for both houses. My primary residence is around $400, but the rental property insurance is double! Around here, rental property insurance is usually expensive.

Your car insurance only costs $1300 for the both of you!? $1200/year for each of us is a pretty decent price around here (we have 2 cars).

]]> By: George http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7382 George Fri, 29 Jun 2007 12:03:55 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7382 Your insurance costs seem quite high - our house insurance is only about $400/year, and our car insurance is around $1300/year. Obviously there are plenty of variables involved in insurance, but you might want to shop around and see if you can get a better deal. Your insurance costs seem quite high – our house insurance is only about $400/year, and our car insurance is around $1300/year. Obviously there are plenty of variables involved in insurance, but you might want to shop around and see if you can get a better deal.

]]> By: FrugalTrader http://www.milliondollarjourney.com/june-2007-net-worth-update.htm/comment-page-1#comment-7381 FrugalTrader Fri, 29 Jun 2007 11:59:02 +0000 http://www.milliondollarjourney.com/june-2007-net-worth-update.htm#comment-7381 Thanks for the encouragement! I Can't believe we're half way through the year already. Thanks for the encouragement! I Can’t believe we’re half way through the year already.

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