New state regulations for insurance companies in Washington

BELLINGHAM, WA (MyBellinghamNow.com) – Don’t like your insurance premiums going up for seemingly no good reason?

The new rule, which goes into effect this weekend, won’t eliminate these increases, but you’ll be better informed about why costs are rising.

The Washington Office of the Insurance Commission announced that starting Saturday, June 1, insurance companies will be required to inform their customers about the reasons for the increase in premiums.

By 2027, these explanations must be clearly detailed and included automatically when a policy is renewed with a rate increase of 10% or more. The new rule applies to motor and home insurance.

Insurance Commissioner Mike Kriedler said Washingtonians have a right to know why they pay a higher premium for the same insurance.