Published in Commissioner’s Eye on Insurance·2 days agoDrivers are likely to see an increase in insurance premiums in 2023. Here’s whyCar insurance premiums are expected to creep up this year, but there’s good news for policyholders in Washington: It could be worse. ValuePenguin’s State of Auto Insurance in 2023 Report predicts an 8.4% increase for car insurance premiums this year. …2 min read2 min read
Published in Commissioner’s Eye on Insurance·Dec 29, 2022Flood season has arrived. Here’s what to do if your home is impactedFlooding season has already arrived in Western Washington and some residents have already started the process of recovering and repairing their damaged homes. We’ve previously covered how the costs of flooding exceed all other natural disasters in Washington state. …2 min read2 min read
Published in Commissioner’s Eye on Insurance·Dec 19, 2022Taking your car to the shop? Expect to pay moreInflation impacted everything in 2022 and opinions still vary on where it’s headed next. …2 min read2 min read
Published in Commissioner’s Eye on Insurance·Oct 31, 2022Experiencing delays in car repairs? You’re not aloneIf your car is in the shop and it feels like it’s taking a lot longer than normal to get it back, know that you’re not alone. …3 min read3 min read
Published in Commissioner’s Eye on Insurance·Oct 25, 2022Hurricane Ian pushed Florida’s insurance market from bad to worse. Could it happen in Washington?Florida’s property insurance market has hit a rough patch over the last few years, and the damage wrought by Hurricane Ian — the costliest storm in Florida since Hurricane Andrew in 1992 — certainly isn’t doing the Sunshine State any favors. According to the Florida Office of Insurance Regulation, about…4 min read4 min read
Sep 19, 2022Insurance Commissioner Encourages Expediting Process in Ordinance Coverage SituationsOrdinance or law coverage is a common supplemental coverage offered under homeowner and commercial property policies. It’s also known as code upgrade coverage or building ordinance coverage. …2 min read2 min read
Published in Commissioner’s Eye on Insurance·Sep 14, 2022Severity of car crashes is on the riseCar crashes have gotten more severe. The National Highway Traffic Safety Administration estimated that 9,560 people died in motor vehicle crashes in the first quarter of 2022. That’s an increase of about 7% from the first quarter of 2021 and the highest number of first-quarter fatalities since 2002. Traffic deaths…2 min read2 min read
Published in Commissioner’s Eye on Insurance·Aug 18, 2022As summer comes to an end, consider flood insuranceThe costs of flooding exceed all other natural disasters in Washington state and in any given year, there’s more than an 80% chance of at least 10 flood events occurring, according to the Department of Ecology. As the climate changes, so does the frequency of floods. Even if your home…2 min read2 min read
Published in Commissioner’s Eye on Insurance·Aug 3, 2022Housing-related costs are up; is your coverage?Inflation hit 9.1 percent in July. Combine that with the supply chain issues and rising construction costs over the last two years, and it’s safe to assume the cost of replacing your home and property has also taken a big jump. It’s a good time to revisit your insurance situation…2 min read2 min read
Published in Commissioner’s Eye on Insurance·Jul 28, 2022OIC staff take part in insurance journal webinar on climate change and insuranceStaff from the Office of the Insurance Commissioner took part in a July 14, 2022 webinar hosted by Insurance Journal covering insurance and climate change. Around the World: Insurance, Climate Change, Disclosures, and Risk — Insurance Journal Research The webinar, “Around the World: Insurance, Climate Change, Disclosures and Risk” covered: •…2 min read2 min read
