IMPORTANT UPDATE
New Mandated Credit Scoring Rule
Washington Commissioner prohibits insurance companies from considering credit information effective July 2021.
Washington Insurance Commissioner, Mike Kreidler, has issued an emergency rule that prohibits insurance companies from any longer considering credit information in underwriting, or in setting rates for Auto, Boat, RV, Homeowners, and Renters policies. Further information.
Effects It May Have
We’re expecting that with this new “emergency” rule we will see a certain amount of upheaval with auto and home insurance premiums throughout the State of Washington. The effects of the elimination of credit-based insurance scoring will vary on an individual basis, and from company to company, but large pricing changes may occur as a result of this action by the Insurance Commissioner.
We Are Your Advocate
While we don’t feel this action is in the best interest of the consumer, carriers are required to comply with the new rule by July 2021. We want you to know, we will be reviewing your policies and working closely with you to mitigate any negative results of this decision. We are fortunate to be contracted with at least 18 personal lines carriers, which will help us find the best solution for you.
We would be happy to schedule a time to discuss any concerns or how this may impact your rates. Give us a call at 888-303-3230.
As your insurance partner, we are committed to act as an advocate to protect what’s in your best interest. Thank you for choosing Basin Pacific Insurance.
Should you have any questions regarding your current coverage or want further information on these points, Basin Pacific Insurance is here for you. Contact us today at [email protected] and your agent will be in touch shortly.
Thank you for giving everyone a heads up on this change. I would like to know how much my homeowners policy will increase. Thank you.
Thank you Rebecca for reaching out, as your insurance partner we want to support you in upcoming changes we see that will directly impact your policy. We will reach out directly to discuss. Call us in the mean time if you have any other questions toll Free at 888-303-3230
Thank you Basin Insurance for working so hard to provide excellent service always working for your customers. It is appreciated very much.
Sincerely
Diana McNamara
Do we need to worry about these changes?
Hoe does this affect us?
We appreciate you reaching out Alfredo, we will reach out directly to discuss. In the short, if you had to rebuild your house today due to a fire, flood or other catastrophe your current insurance policy may not cover the entire costs to rebuild because of the surge in materials costs. Call us in the mean time if you have any other questions toll Free at 888-303-3230