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I don’t think the CPI and other inflation tools are all that accurate, in that they don’t reflect reality for all out of pocket expenses. Admittedly I have not studied them closely but they don’t take into account all things we are paying for nor weighting things appropriately. For example, my home insurance doubled last year. That literally an extra $450 dollars each month out of my pocket. The CPI doesn’t take into weight housing prices like it should including rent prices. Wages have definitely NOT kept up with housing inflation.
I don’t think the CPI and other inflation tools are all that accurate, in that they don’t reflect reality for all out of pocket expenses. Admittedly I have not studied them closely but they don’t take into account all things we are paying for nor weighting things appropriately. For example, my home insurance doubled last year. That literally an extra $450 dollars each month out of my pocket. The CPI doesn’t take into weight housing prices like it should including rent prices. Wages have definitely NOT kept up with housing inflation.
so your home insurance doubled , but ours went up 30 dollars …so that makes the cpi inaccurate at what it does which is measure price changes in 1500 different mini economies in all different locations.?
nonsense ….it reflects no one’s personal costs and can’t
I don’t think the CPI and other inflation tools are all that accurate, in that they don’t reflect reality for all out of pocket expenses. Admittedly I have not studied them closely but they don’t take into account all things we are paying for nor weighting things appropriately. For example, my home insurance doubled last year. That literally an extra $450 dollars each month out of my pocket. The CPI doesn’t take into weight housing prices like it should including rent prices. Wages have definitely NOT kept up with housing inflation.
Has the value of your home gone up? Your home owner's insurance rates will go up if it has.
so your home insurance doubled , but ours went up 30 dollars …so that makes the cpi inaccurate at what it does which is measure price changes in 1500 different mini economies in all different locations.?
nonsense ….it reflects no one’s personal costs and can’t
Therein lies many of the disagreements here, as numbers are only inaccurate; when it applies to THEM.
However, the all-inclusive compilation of said numbers doesn't truly account for such things as California vs Indiana homeowners policies etc etc. So for those feeling it more, it seems logical to view the numbers as inaccurate; since for them they are.
Also, my homeowners was going up 40%; until I fired my agent and took it upon myself to shop around.
Boy did that pay off, bundled it with 2 cars and my rates went down; even when increasing coverage amounts.
Has the value of your home gone up? Your home owner's insurance rates will go up if it has.
not that much. total loss coverage is the ONLY portion affected by total home value.
the liability has gone up. home insurance companies, since 2020 have now factored in located as to civil unrest. Other than coastal storm damage as we build homes closer and closer to the actual water, most change in damages to private buildings in the last 3 years has been.....drumroll......the riots
My homeowner's insurance increased by $2000 from last year also car insurance has increased here in this part of Texas. Not because of civil unrest but because of many claims for busted pipes because of prolonged freeze and hail damage. I never filed a claim, but many homeowners have.
Some companies here will not even sell you insurance any longer. We are all paying for bad weather, and increased profits if a situation can somehow be justified.
Most insurance now is based on a 2% up from 1% deductible here. So a $700K house you pay the first $14K.
The people who produce the various cpi numbers (Bureau of Labor Statistics) also publishes cpi by region and major metropolitan area. However, the regions are large.
I don't recall if anyone mentioned this, but the Bureau of Labor Statistics cpi is only for urban areas. They don't do farms and rural.
I was just listening to a podcast about this. CPI is calculated by using a "basket" of goods and that basket is hundreds or thousands of goods and services.
Most individuals, however, mostly notice the cost of food and gas, and if they are on the market for housing, the cost of rentals and/or real estate. At some point, cars. Etc... As an individual you're not buying 1000 goods in a month or even a year. It's possible and quite likely, though, that things like apartment rents, insurance, or whatever foods they buy often have risen something like 25-50% in the past 3 years and that's what they notice.
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