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Old 09-10-2011, 01:06 PM   #21
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Auto policy increased by less than 3% this year.

Homeowner's policy increased by nearly 23% this year. The vast majority of the increase was due to the Earthquake component essentially doubling. Even though we are nowhere near a recognized fault line, I still think it's a good idea. That coverage is still only about $15 a month.
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Old 09-10-2011, 02:02 PM   #22
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Quote:
Originally Posted by W2R View Post
This year:

Health insurance went up 6.9%
Homeowners' insurance went up 6.3%
Flood insurance went up 8.5%
Car insurance went up 5.1%
More importantly, what was the increase vs. your total budget?
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Old 09-10-2011, 02:15 PM   #23
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More importantly, what was the increase vs. your total budget?
Well, that's a moving target since the budget I decide on each year depends on so many factors. I do have "fixed income" from my itsy bitsy teeny weenie yellow polka-dot bikini federal pension, but much of my income is from my portfolio.
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Old 09-10-2011, 02:19 PM   #24
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Well, that's a moving target since the budget I decide on each year depends on so many factors. I do have "fixed income" from my itsy bitsy teeny weenie yellow polka-dot bikini federal pension, but most of my income is from investments.
Income sources may vary, but your actual budget forecast usually dosen't (except for large one-time items - that you should have planned for, anyway).

That was my original question ...

In the scheme of things, do insurance (or any other budget line item) increases make a major impact on your total expected expenses?

Speaking for myself? No. It's a line item that usually increases (and get's my blood boiling) but overall has little impact to my overall budget which has increased 2-2.5% per year (over the last four years of my retirement) for all expense catagories...
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Old 09-10-2011, 02:23 PM   #25
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Income varies, but budget usually dosen't (except for one-time items).
I realize from what you are saying that a budget that is a moving target isn't usual for you, but as I already said (quite clearly, I thought?) right now mine is moving a great deal, as are my actual expenditures, in opposite directions I might add.

However, there are several other members who have given their percentage increase in insurance costs in this thread. I am sure they will be glad to provide you with the information you seek when you ask them directly by quote/username, as you did me.
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Old 09-10-2011, 03:00 PM   #26
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Insurance is one of my pet peeves and when I read all the posts, I get confused. I think one can state their homeowners policy went up 10% or they saved money by combining auto and home or their health insurance went up X%, etc., etc. The reason I get confused is because there are so many variables involved that you can never compare apples to apples. It's always apples to oranges. I know it's just friendly talk and passing info back and forth, but I seriously consider and/or take into account everything that is posted. Consider the following:

* I live in Florida. I was with Progressive Auto Insurance. Couldn't combine auto and home because Progressive doesn't have a sister company that writes homeowners policies in Florida. Do you know that my auto policy went up last year because I had reached an age plateau? No accidents or tickets or claims. Just got older. I changed to 21st Century.

* Isn't your health insurance policy rate kind of governed by your age? I can't relate to any of the policy monthly terms/rates because not only am on Medicare, I have a Medicare Advantage policy.

I'm not saying I'm not interested in the point you are making or the information you are providing, but some basics are required to put it all in prospective. How old are you, where do you live, any preceeding conditions, how big is your house, etc, etc. I am really interested in stuff like this but I can't relate in most cases. However, keep posting and keep up the good work. I'm always interested in what you have to say. Thanks in advance.
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Old 09-10-2011, 03:07 PM   #27
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Well, that's a moving target since the budget I decide on each year depends on so many factors. I do have "fixed income" from my itsy bitsy teeny weenie yellow polka-dot bikini federal pension, but much of my income is from my portfolio.
I can't for the life of me picture any retiree of the federal pension system having an "itsy bitsy teeny weenie" pension.
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Old 09-10-2011, 03:09 PM   #28
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Good point about insurance coverage changes through the years, Johnnie36. At least for me, I couldn't provide comparable numbers back further than one year since I made some insurance changes when I retired in 2009.

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I can't for the life of me picture any retiree of the federal pension system having an "itsy bitsy teeny weenie" pension.
I don't know but maybe you are thinking of the older CSRS retirement system, instead of the newer FERS retirement system that I am under, then.
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Old 09-11-2011, 02:29 PM   #29
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I do have my homeowners and auto combined. I have Travelers currently. I guess its time to shop around some.
Earlier this year, Mr B (my BF) did a review of my combined auto, home, and boat with umbrella with Travelers with a local multi-company broker I had been with for 20+ years. The lady who used to handle my account quit the firm over 2 years ago. I was assigned a new agent.
Mr B had a close friend in the insurance business who came up to the house and did a similar review, in the role as a potential new insurer. His local insurance company could not underwrite all 3 policies (no boat coverage possible). So the agent recommended I go to another Traveler's broker he periodically sub-contracted some business to.
She did a full review, enrolled me in the Traveler's Quantum Plus program for squeaky-clean safe drivers, then did a full requote with the exact same policies, coverage and deductibles. The cost savings for the Quantum Plus discount on the auto alone was substantial. I'm too lazy to go look it up, but it was several hundreds of dollars per year.
I also got a full year auto policy, not the 6 month auto policy renewal the previous firm (20+ year customer) had me pidgeon-holed into. For some odd reason, I had been changed from a 1 year renewal to a 6 month renewal. No tickets except for 1 cell phone violation in 2005, which was not put on my driver's license record.
I paid the full auto premium upfront. I pay the house, boat and umbrella insurance premiums on a monthly basis via auto-pay from my checking account.

I now have a new agent.

I would suggest agent shopping first if you don't want to change companies. A different agent will most likely be a broker for competing insurance companies, so you can kill 2 birds with 1 stone.

Good luck!
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Old 09-11-2011, 04:49 PM   #30
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I complained last year to my agent about my car insurance increasing. I also ended up on the full year auto policy. Now why would it be cheaper to go this route when you can still pay monthly if you chose, and can cancel at any time.

I reminded my agent that I changed agents a few years ago because my rates kept going up and he was cheaper than my old agent. And they were both with Travelers. And I'm sure my credit numbers havn't changed any.

I think its just their normal policy to increase rates as most don't keep track of them.
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Old 09-12-2011, 07:24 AM   #31
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I am glad this thread came along. I have also noticed the upward creep in my insurance. I have everything together with State Farm. I will shop around.

I wonder if you can renegotiate with your agent face to face with the printed results? At least give the guy a fighting chance before changing?
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Old 09-12-2011, 01:02 PM   #32
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Got a letter today about my LTC insurance rate. Mainly, the letter said, there's gonna be about a 23% premium increase with the current coverage I have. They (John Hancock) understand that some can't afford this increase but one way to keep the premium the same is the lower the inflation protection coverage

Decisions..decisions...
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Old 09-12-2011, 01:44 PM   #33
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Got a letter today about my LTC insurance rate. Mainly, the letter said, there's gonna be about a 23% premium increase with the current coverage I have.
Out of curiosity, how long have you had the coverage? What has been the history of rate increases prior to this one?
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Old 09-12-2011, 02:03 PM   #34
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Out of curiosity, how long have you had the coverage? What has been the history of rate increases prior to this one?
This is the third year I've had it. The first time of rate increase.
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Old 09-12-2011, 02:11 PM   #35
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This is the third year I've had it. The first time of rate increase.
Thanks. A 23% increase after only three years doesn't bode well for the future, does it...
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Old 09-12-2011, 09:14 PM   #36
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Thanks. A 23% increase after only three years doesn't bode well for the future, does it...
No it doesn't. Starting to make me wonder if LTC insurance is a necessity or a luxury.
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Old 09-12-2011, 10:13 PM   #37
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Just one more thought about insurance rates......Insurance companies invest the premiums they collect, and the reserves they have for claims. Mainly these investments are in the Bond Market. And, while the values of bonds have been going up the interest payments have been going down. When an insurance company's investment income declines, they have to make more on the difference between premiums and claims, and this always means rate increases.
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Old 09-13-2011, 11:08 AM   #38
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Thanks. A 23% increase after only three years doesn't bode well for the future, does it...
Just to clarify a bit. My current policy has a 5% inflation adjustment. I do have the option to drop it to 3.9% and keep the same premium (for now, but no guarantee for the future).

I dunno...

Buying insurance always feels like throwing money away until you really need it.
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Old 09-13-2011, 11:34 AM   #39
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Auto up 4%
BCBS Health up 3%
Home up >1%
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Old 09-13-2011, 11:54 AM   #40
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Both auto and home insurance went down approx 8% due to Allstate discount when you reach age 55 (if you are also retired). Health ins was up just over 8%.
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