Is there a publication that shows what percentage increase that a carrier has been granted in Pennsylvania?
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UPDATED: Feb 14, 2013
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Insurance Question from Greensburg, PA
Asked on 02/14/2013
Is there a publication that shows what percentage increase that a carrier has been granted in Pennsylvania? My homeowners has increased by 55% from last year without having a claim.Same coverages but a huge increase.The agent blames Travelers and says the state has approved the increase, but where can we check what the increase actually was? It seems these should be published.
Answer given on February 17, 2013
Individual states handle rate increases differently. Some require that any increase be approved by the Dept of Insurance, while others have a file and use program. The insurance company files their rate increase and begin using them immediately. The Dept of Ins will review them and has the option to disallow the increase.Insurance companies are not required to advise their clients of impending rate increases. Sometimes the Dept of Ins will hold hearings about the pending increases. These notices will be posted in the newspaper.If you want to know about a specific insurance company’s rate increase you can contact the Dept of Insurance and ask them about that company’s increase. It is unlikely that your insurance company would increase the rates without the Dept knowing. Aside from the Dept of Ins you can also ask the insurance company to send you information about the increase. Your agent should also have some information about it.
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