Beware of what you ask for the next time you talk with your insurance company about changing your policy. I spoke with the company that I deal with about insuring the new home in Ottawa. Despite being claims free and being a loyal customer for years, they told me that I would have to undergo a credit check before they could insure the new property.
I had heard of this procedure going on in the USA but this is the first time that I have heard of it in Canada. I asked the insurance representative to explain how this relates to risk in a client profile. She didn't have an answer.
Apparently, if you have bad credit your rates are going to be higher. What this means is that the people who can least afford insurance pay the most.
Have any of you had a similar experience?