LIFE INSURANCE 2018

The OIC has retained its accreditation with the National Association of Insurance Commissioners (NAIC). Every five years, the NAIC conducts a rigorous, in-depth review by an outside team of experts to ensure the OIC meets or exceeds nationwide financial solvency policies and standards in its regulatory oversight of insurance companies that do business in Washington state. It also allows insurance companies to expect consistent regulation in all accredited states. The OIC’s most recent review resulted in no findings and a recommendation for full reaccreditation for another five years. The efforts of the OIC, led by Commissioner Kreidler, in fulfilling its mission in this area give assurance to Washington consumers that the companies they do business with are financially sound and fully complying with all required rules and regulations. This OIC has maintained its NAIC reaccreditation for the past 15 years under Commissioner Kreidler. Our next review is in 2019.

Some areas of the state were flooded by the heavy rains over the weekend. Here's a refresher about  floods and insurance: Homeowner policies typically do not cover flood damage. Flood damage is not on standard homeowner policies and most commercial policies, although many people assume it is. That can be a costly assumption. Your mortgage lender may require you to have flood insurance if your home is located in a flood-prone area, also known as a "special flood hazard area." You can estimate your property's flood risk online. Most people buy flood insurance through the government’s National Flood Insurance Program, which is run by the Federal Emergency Management Agency (FEMA). These policies are sold through local insurance agents and brokers, which you can locate online . As with most policies, there are limits to what is covered . If your vehicle is damaged in a flood, your auto policy’s comprehensive coverage typically will cover it. However, you should verify you...

The start of a new year is a great time to review your insurance policies. Did you have a baby? Get married? Buy a new home or car? If so, you'll want to check whether you have the right protection. Take some time to talk with your agent, broker or company and review your policies and see if they meet your needs. Your agent or company can help determine whether your current policies provide adequate coverage or if you might need more or less. Even if you haven't experienced a life-changing event, you could be eligible for discounts or new insurance products may better serve your needs. Life insurance Changes—such as a birth, divorce, remarriage or even a new mortgage or new job—are indicators that you might need to make changes to your life insurance policy. Read your policy carefully and answer these questions: Do premiums or benefits vary from year to year? How much do the benefits build up in the policy? What part of the premiums or benefits is not guaranteed? What is the ef...

We get this question quite a bit from consumers about their insurance rates for auto, home, boats, RVs and any other type of property insurance. Each insurer has its own rates, and their rates can differ not only state by state, but within a state as well. Insurers rates' must cover the cost of doing business and the number of claims they pay in various regions. Insurers typically use what are called rating territories. Each rating territory can have a different rate associated with it.  Learn more about how insurers set rates . Questions? You can contact our consumer advocates online or at 1-800-562-6900.