Why home and auto insurance rates are up in Washington

Washington residents have seen home and auto insurance rates climb steeply over the past couple of years.

On Monday, insurance industry representatives offered state lawmakers their breakdown of what’s behind those trends. They also explained how heightened risks from wildfires and other climate-related disasters are causing insurers to rethink underwriting in some regions.

In short, the industry blames higher costs for auto repairs and home rebuilding as a main culprit driving up premiums. Inflation is a factor. But on the auto side, vehicles are also pricier to fix as safety equipment and other technology become more sophisticated.

“Insurers are facing large-scale losses on a national level, and they’re reassessing how much risk they can tolerate in order to remain stable, financially healthy, profitable, and that’s affecting availability,” said Kenton Brine, president of the NW Insurance Council.

https://washingtonstatestandard.com/2024/12/09/why-home-and-auto-insurance-rates-are-up-in-washington/

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