Non Heath Insurance Inflation

[arch57]

I wanted to start a new thread as I'm noticing large % increases in my non-health insurance coverage without any major claims. Was wondering if anyone else has seen their rates being increased?

We have auto, homeowners for primary and 2nd home, boat and umbrella policies all with Amica with whom I've had for past 39 years. Cars are 2006 and 2007 models and have not changed. Each year I do compare rates with competitors and savings are nil. Here are the rate increases.

2016 - 1.9%
2017 - 9.3%
2018 - 10.2%

I retired in mid-2015 so this is that sneaky kind of inflation that CPI never seems to capture.

 

[bobandsherry]

Our Auto insurance has actually gone down a few bucks over the past 3 years, same car w/Progressive. Homeowners has been up about 1% per year, but don't feel that's too bad since I'm in Florida.

 

[HillCountry]

Insurance for our primary residence goes up from 1742 in 2014 to 2539 last year. A compound increase of 7.8% over 5 years. I would think most can be attributed to replacement costs increase.

And one of the least significant expenses of home ownership, not worried.

 

[steelyman]

I'm an Amica customer too. I can't comment on home increases because of changing homes, but my auto increased 10.75% over last year (no claims). No changes in umbrella premium.

 

[Telly]

Non Heath Insurance Inflation

I'm glad you didn't include Heath, I always thought their candy bar was made with dog poop. As you probably found out, once a thread-starter clicks send on their first post, the post's Title can't be edited!

Our car insurance has slowly been moving down, maybe due to the aging of the vehicles involved. Our house insurance has gone up maybe 2% at most, surprising with the big run-up in valuations (though I can always be negatively surprised when we get the next bill in late Fall). Umbrella has stayed the same amount for years.

 

[bobandsherry]

OP-your coverage could be going up do to age of vehicles. Less technology = less safe so more risk. Cost of parts may be increasing as well due to more limited availability of OEM parts. If you are carrying full coverage on cars that are 12+ years old you might reconsider that.

 

[NoiseBoy]

It's interesting that you mention this because home insurance is the one row in my spending spreadsheet that has increased consistently since I started tracking things. I did increase my total home coverage a few years ago for two reasons. First, I read in a book about risk that all too often, home owners who insure their properties for the assessed valuation, are left short if disaster strikes and they need to rebuild. My supervisor lost his home to a tornado, and he confirmed that the replacement costs where definitely higher than the listed value of his home. The other increase was to cover some band equipment that I store in my home. Neither of these changes was very large at the time. However, my home insurance bill as gone from $400 in 2011 to $600 in 2018 and my property value has remained unchanged. I reduced my car insurance bill last year on two cars by agreeing to drive one vehicle less than 7,500 miles annually. I also signed up for State Farm's Drive Safe and Save program, but I can't tell if I am getting much out of that beyond the default 3% savings.

 

[jkern]

My rental property insurance increased 27% this year and a total of 57% over the last three years. No claims.

 

[steelyman]

My rental property insurance increased 27% this year and a total of 57% over the last three years. No claims.

Wow, that sounds like a lot. These are properties you own and rent out (that is, you’re the landlord)?

 

[MichaelB]

I just paid our homeowners insurance. We live in South Fl and it is expensive, but hasn’t increased in three years.