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OLYMPIA, Wash. ? Washington state Insurance Commissioner Mike Kreidler has?adopted a rule?that requires insurance companies to explain premium increases to their policyholders in language they can understand.?
?If your insurance company is going to increase your premium, you have a right to know why,? Kreidler said. ?This is pretty basic information you should expect from your insurance company, but we hear from hundreds of consumers every year who cannot get a clear, understandable answer on why they?re being charged more.?
When consumers? auto or homeowners insurance premium goes up, and the insurance company hasn?t explained why, consumers contact the Office of the Insurance Commissioner (OIC). When the OIC asks on their behalf, it gets a more detailed response ? and Kreidler believes consumers deserve the same information.
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