I currently live in California with it's rapidly increasing homeowner's insurance rates. Part of my future financial plan includes the possibility of moving to a new home within the state. I see in the Personal Property section under the Operating Costs tab the area for "Actual or Expected Insurance (Annual)". I understand that these costs will be adjusted for inflation based on the provided General Inflation rate under the Scenario Assumptions Inflation tab.
However, given the sometimes drastic rate increases being seen in California over the past five years, I'm wondering if it would be possible to allow for a single entry in the Miscellaneous Expense section to have the option to adjust its future ongoing costs "above" the general inflation rate. I could then put the annual insurance premiums here instead of the Personal Property section under the Operating Costs tab and input a custom increase over the General Inflation rate similar to what is done on the Scenario Assumptions Inflation tab (with Healthcare Costs, Long Term Care Costs, College Expenses, etc.).
I don't currently see a way to do this in any other part of Pralana for a single unique expense.
@racing-fan You're right, there is no place in the current model where you can specify an expense that increases at a unique rate. Charlie and I have discussed this, though, and it's on our enhancement list.
Stuart
As a workaround, you may go to the Other Income section and create an income item with a negative amount and set whatever real or nominal inflation rate is applicable. Be sure to set the Taxation as 'Non-taxble'. Not intuitive, but it works.
At some point I may add similar functionality to the Miscellaneous Expenses page.
Charlie
Thank you Stuart and Charlie for the assistance. I appreciate the work around as well. Looking forward to all of the upcoming future updates
