I have a question for adviice platform and fellow users…. How do you realistically enter your home insurance cost into your future retirement years when assessing your cash flows?
Insurance cost has skyrocketed in past 5 years. My small condo cost in Toronto went up 10% 2 years ago, another 15% last year and another 25% this year!
I worry about running out of money at this crazy increases. I checked with few other home insurers and they all do the same ! Jack up premium to make up the claims increase due to climate change on fire, floods and even ice storms. This looks like to continue in next 30 years …. That’s nothing the platform has stress test scenario for … future climate risk increasing cost of livings … I’m not preaching here …. My insurance premium increase is real and already affecting my savings budgets.
Thoughts on how we should get comfort onto this against the success rate ? Should we add more assumption to stress our portfolios further with these almost certain increase in spendings ?