** Important News regarding Potential Rate Increases/Changes forWA Residents **
The State of Washington’s Insurance Commissioner, Mike Kreidler, issued an order on March 23, 2021, that bans the use of credit in setting insurance rates for new and renewed policies as of June 20, 2021.
Unfortunately, this policy change will potentially effect over 1 million people in the state of Washington. The removal of credit-based insurance scores will likely raise insurance premiums for the vast majority of Washington residents.
Our agency wanted you to be aware of this legislature change that could last for up to 3 years. It will affect new policies and renewals for auto, homeowners and rental insurance across all carriers. In some cases, the premium increase could be significant. This impacts all insurance carriers in the state of Washington.
As your independent agency, we can compare pricing among multiple carriers. We will continue to work to find you the most competitive rate based on your coverage needs. Also, we can look for other opportunities to help reduce premiums.
Please don’t hesitate to reach out to us with any questions or concerns. I have attached a link to an article that explores all sides of this issue.
https://www.forbes.com/advisor/car-insurance/washington-credit-ban/
Best regards,
Ryan Oliver, President of Oliver Insurance
