Posted on 06/21/2013 7:56:08 PM PDT by NaturalBornConservative
Such as . . . ?
Such as shop around, request quotes and compare.
It seems like everything I buy has increased more than the official inflation rate of less than 3%. I just don’t get it.
I’ve been with American Family for 20 years. They want to raise my homeowners $640.00 to $950.00. NOT. I am in WI.
Disinsure.
Circle the wagons.
Trust God.
That should get you started...
You failed to shop for prices and are supried to find out your rates were rising. Stop the presses..
In the past 2 years our wonderful FEMA decided to change their flood maps to include many more properties. So, naturally they included me. There will never be a flood here in this Southern Kalifornia area and my agent agrees and concurs that the expansion was to help pay for damages where floods happen all of the time. Well, I got a quote for over two thousand dollars for one lousy year. That is around three times my homeowners policy. My mortgage holder requires the flood policy. I finally got it much lower when the bank agreed on a policy at around my balance.
$640.00 to $950.00? - That’s insane.
Also, I’m waiting to hear that EVERYONE must buy earthquake insurance. That would make more sense than flood insurance in areas that never gets floods.
That’s crazy too. So FEMA put you in a flood zone and it nearly cost you another $2,000 a year? Don’t give them any ideas on earthquake insurance. The worst part of all of this is when a disaster does occur that’s when most people find out that their insurance covers squat.
Notify your State Insurance Board, or the State Consumer Affairs office.
Such a rise in premiums would justify an inquiry
One big reason that premiums for traditional “high-exposure/low-frequency” insurance (life insurance and homeowners insurance, for example) have risen dramatically in recent years is that insurance companies simply can’t find sufficient low-risk investments to build large reserves to cover potential losses. With interest rates remaining at historic lows for several years, these companies have to lower the investment return projections that are used to compute the growth of their reserves over time.
This is why so many people believe the inflation rates are wrong. The following things have grown faster than inflation.
1. college costs
2. health insurance
3. gas / energy
4. home owner’s insurance
5. taxes in many forms, from the phone bill universal service fees to cover Obamacare to property taxes
And all of these areas are going up due to government regulations constricting supply, government subsidies or mandates that add to the cost.
Good call: “insurance companies simply cant find sufficient low-risk investments to build large reserves to cover potential losses.” So Bernanke’s plan to keep interest rates down is hurting more than just money market savers, it’s driving up insurance premiums, destroying pension plans, and probably having a myriad of other ill effects.
Yeah, I’ve had twins in college for the last four years and being effected by everything else on your list, I let the health insurance go in 2009, after several same-year rate increases.
What are the chances insurance companies will lower premiums once interest rates return to normal? My guess is nil.
We live in Texas inland from the Gulf but still in the evac zone during a hurricane and so have to carry wind insurance as well as everything else. Even though we haven’t had a hurricane since Ike hit several years ago our rates keep climbing every year. They really stick it to property owners when it comes to rating for replacement costs. Doesn’t seem to matter which company we got a quote from or how much we increased the deductible. It wasn’t that much different.
One of the things that I discovered after Ike hit was that if you didn’t have an agent who would fight on your behalf you were totally screwed. Fortunately I do and that is worth a whole lot. How important this is in the future remains to be seen.
We live in NY and over the last 10 years homeowners has gone from $380 to $820.
And food. There are so many “inflation deniers” that it’s starting to feel like a conspiracy.
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