Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 28, 2021

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Whether you realize it or not, insurance premiums are not set in stone and can fluctuate from time to time. Of course, you can control some of this. For example, your auto insurance rates will go up if you get a traffic ticket or file a claim after an accident. Certain market trends and even hazards that might affect you like hurricanes and earthquakes are out of your control. While the market trends may seem unpredictable, you have control over where you buy your home or car, may common safety features, your credit score, and your driving behaviors/home maintenance schedule. If you’re not getting the rates you want, you also have the option to check your rates with other carriers.

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 for homeowners insurance. These can also affect auto rates through comprehensive claims and by creating conditions that lead to more collisions.

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!

Tip: 10 ways to lower your car insurance premium.

Where did insurance rate increase and decrease?

Alabama

– 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

– Colorado employers will pay 3.7% more for workers’ compensation insurance in 2012.

Florida

– 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.

Hawaii

– Kaiser Permanente looking to boost health insurance premiums by an average of 8.8% on January 1, 2012.

Massachusetts

– Blue Cross Blue Shield granted base health insurance rate increase of 5.9%.

Maine

– Bureau of Insurance has approved a 3.2 percent cut in workers’ compensation policies for year 2012.

Oklahoma

– Farmers Insurance raised home insurance rates by about 8 percent on average in August 2011.

Texas

– 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.

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How can you get competitive insurance rates on your auto policy and more?

If you’re shopping for insurance, even if you’ve recently filed an insurance claim, you may find more competitive rates. Make sure to compare at least 3 companies if you’re shopping for homeowners, auto, or other coverages. If you’re not satisfied with the health insurance you’re getting through an employer, you can check to see if they’re offering other options. Generally, getting healthcare coverage on your own will come with a much higher annual premium.

If you’re with a company like Farmers Insurance, you may not be getting the lowest auto rates, but you might love their customer service. Maybe your current insurer is giving you accident forgiveness for a recent claim. If you move insurers, that benefit will not follow you.

Whatever your concerns, getting a few quotes on a regular basis can help you know when to switch or reassure you that you are getting the best pricing. Always be sure you’re comparing like policies. If you have comprehensive insurance, be sure your quotes have it as well. Otherwise, lower rates could just mask less coverage. You may be surprised at just how easy getting other quotes can be. This applies to both personal and business insurance. The best part is quoting comprehensive coverage, liability coverage, or any other insurance coverage won’t cost you anything beyond a little time. With independent agents, you can even minimize the amount of time you have to spend to get multiple quotes on any insurance product.