Whether you realize it or not, insurance premiums are not set in stone and can fluctuate from time to time.
While insurance rates have been declining for years now in the current soft insurance market, we only tend to notice the price increases, which have been appearing more frequently this year (2011).
Remember, insurance is a “pool” consisting of individuals who put small amounts of money together in order to pay for potentially much larger individual losses.
This is generally beneficial because we may never have to pony up $200,000 to rebuild our home after a fire, but we can certainly expect to have to contribute more to the “pool” when insurers suffer weak profits and have to pay for multiple, larger losses…i.e., hurricanes, snow storms, tornadoes and earthquakes. All of which have seemingly happened in the past year or so.
So we’ve decided to track these insurance rate changes by scouring the Internet and posting it all it one place. Be sure to check back from time-to-time to see if your insurer is raising their rates. If they are, it may be time to shop around!
Insurance Rate Increases and Decreases
– State Farm plans to increase the cost of homeowners insurance policies by 5% (effective for new business policies issued on November 15, 2011 and for any renewal on January 1, 2011).
– Colorado employers will pay 3.7% more for workers’ compensation insurance in 2012.
– State Farm received approval for an average statewide homeowners rate increase of 18.8%.
– State Farm will non-renew 10,000 home insurance policies.
– Universal Property & Casualty Insurance Company increased homeowners insurance rates 14.9% statewide in February 2011.
– Workers’ compensation rates to rise 8.9% effective Jan. 1, 2012.
– Kaiser Permanente looking to boost health insurance premiums by an average of 8.8% on January 1, 2012.
– Blue Cross Blue Shield granted base health insurance rate increase of 5.9%.
– Bureau of Insurance has approved a 3.2 percent cut in workers’ compensation policies for year 2012.
– Farmers Insurance raised home insurance rates by about 8 percent on average in August 2011.
– Farmers Insurance plans to increase homeowners insurance rates by 10% (effective March 16, 2012).
– State Farm raised deductibles and filed a 10% increase in homeowners insurance rates in September 2011.