Mid term cancellation of my home insurance

I have tried to find coverage for my home for 3 weeks since i was advised of my mid term cancellation ( for underwriting reasons ).

I've been with the same broker for 10 years, and they advised my lawyers at the time of my refinancing that i had coverage. The property is and always has been in the name of an Ontario corporation ( a Trust ) and we had a break in in February 2010 which resulted in our filing a claim. We have a full alarm system installed since the break-in and received a discount credit from our insurer. The final reason given for cancellation was that we have a private 1st mortgage with 5 named interests. We previously had the same arrangement, with another lender.The broker suggested that this represented a "moral" risk. We need approx.6-$700,000 worth of coverage on a $1.5 million home value. Were can we get coverage that won;t cost 2 arms and two legs? The premiums was paid, and we are going after the broker, but i still need coverage. Help!! Thank you, Daniel

Finding new Coverage

Hi Daniel, sounds like a rough time. Try getting quotes here:

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IF that doesn't work for you, try another broker. It is a difficult situation. Under insuring is not a good idea. If the insurer estimates that the rebuilding value is 1.5 million, you need to insure to 1.5 million.

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