LIFE INSURANCE 2018

Buying your home is likely one of the largest investments you'll make and a decision that can affect your finances for years to come. The OIC and the National Association of Insurance Commissioners (NAIC) offer information for consumers about title insurance, a topic that is unclear to many people. What is title insurance? When purchasing real estate, your lender will likely require you to purchase title insurance. Title insurance covers you if title problems come up based upon claims prior to when you purchased or refinanced a property. For example, let’s say there is an unpaid mortgage on the property you just bought. Without title insurance, you might have to pay legal costs to settle a dispute. If you lose a dispute, it could cost you money, the equity you have in your home and perhaps even ownership. Title insurance would pay legal costs to settle the dispute and/or to resolve the problem. Where can I buy title insurance? You can buy title insurance from a title insurance com...

Starting Sept. 24, 2015, if you buy an individual or family health plan through  Washington Healthplanfinder , you must pay your premium directly to your health insurer or dental insurer. Any financial help – such as tax credits or cost-sharing reductions you’re receiving – won’t be affected by this change. Washington Healthplanfinder  will continue to accept premium payments until 4:59 p.m. on Sept. 23 for coverage for the month of October. As for future monthly payments, deadlines may vary by insurance company. Tips for an easy transition Pay your insurance company directly by Sept. 23 at 4:59 p.m. for your October coverage. Look for information in early October from your insurance company about your November premium payment deadline. If you have health and dental insurance provided by two different companies, remember to make a payment to each insurance company. Already pay your insurer directly? If you’re already paying your ins...

Andre Zamora A man convicted of insurance fraud lost a recent appeal to overturn the conviction. Andre Zamora-Sarmiento (Zamora) was convicted of one count of felony insurance fraud in July 2014 after attempting to bilk an insurance company of more than $13,000 by altering medical bills that he submitted for reimbursement. Read our  news release about his conviction. In November 2011, Zamora was involved in a car collision in Tacoma. After the collision, Zamora sought medical attention at a Renton hospital emergency room and later sought a second opinion from a Bellevue hospital. Zamora then submitted falsified medical bills to USAA insurance company for reimbursement. He submitted three false claims to USAA totaling more than $14,857; the actual amount of the three claims totaled $1,621. The insurance company paid Zamora's first two claims, netting him $4,200 more than the actual cost of the bills. He submitted a third claim that was inflated by $9,000. The company sought documen...

The latest figures from a highly respected national research organization support what backers of the Affordable Care Act said all along – expanding health care coverage would lower the rate of uninsured in the nation and in Washington state. Two reports came out this week, both from the U.S. Census Bureau. The first, the Current Population Surve y, showed the percentage of uninsured in Washington dropped 317,000 in 2014. This survey reported that roughly 643,000 state residents remained without coverage. That represents a decline in the overall percentage of uninsured residents from 14 percent in 2013 to 9.2 percent in 2014. And the 2014 figure is even better than the 16 percent of residents without coverage in 2012, according to the Census Bureau. A second report, the American Community Survey , showed pretty much the same numbers as the Current Population Survey. The American Community Survey is considered the gold standard among such data reporting because it delves into more detai...

Learn from the experts how to form and run a successful business at the 19th annual Washington Small Business Fair on Sept. 26 from 8 a.m. to 3:30 p.m. at Renton Technical College, 3000 NE 4th Street, in Renton . The OIC will have consumer experts on hand who can answer your questions about finding health insurance for individuals or small businesses, and other questions you may have about insurance issues.  Here's what else you can expect at the Small Business Fair: Attend seminars that cover important, up-to-date topics for all stages of business ownership. Savvy business experts share their knowledge and real-life experiences with you.  Connect with 30 federal, state and local government agencies, and business and trade associations to get the information you need.  The fair is free, with plenty of free parking and no advance registration. For more information, visit  www.bizfair.org  or find the fair on Facebook at www.facebook.com/bizfair .

Floods are the most common natural disaster that Washington residents face, and are a threat to life, property and public services. This year, waters in the Eastern Pacific are experiencing what promises to be the strongest El Niño recorded. While the actual effect El Niño will have on weather here in the Northwest is hard to predict, there is a potential for more precipitation. In Eastern Washington, where fires have scorched hundreds of thousands of acres, there will be an increased risk of flooding, landslides, and mudslides due to increased run-off after even moderate rains.  Despite that, most Washington consumers are not protected--standard homeowner’s insurance does not cover flood damage. Flood insurance is available through the National Flood Insurance Program (NFIP), and offers protection against flood hazards for homeowners, business owners, condo owners and renters. The average residential flood claim exceeds $39,000, while the average flood insurance policy premium is...

We recently received a call from a consumer who had paid the most recent homeowner insurance premium online, but the insurance company canceled the policy. When the consumer called the insurer to sort it out, the insurer said they are not issuing any policies because of the wildfires around the state. The consumer called us, and we are working with the company to make sure the consumer has the coverage they paid for. It is not uncommon for property insurers – they insure cars, buildings, homes, property and renters’ contents – to suspend issuing new policies during a natural disaster. President Obama issued an emergency declaration for Washington on Aug. 21. As of today, more than 920,000 acres have burned in our state. This scenario underscores the need to be vigilant about the information your insurance sends you. Insurers are required to tell you in writing if they are canceling your policy for any reason, including nonpayment. Many homeowners don’t think about their insurance paym...