Consumers often tell the DC Department of Insurance, Securities and Banking (DISB) that their insurance company or agent told them that their premium went up because the District made them raise rates. DISB does not set the homeowners or auto insurance rates that your insurance company charges.
Insurance companies can change their rates and premium formulas by sending them to DISB. This is called a “rate filing.” Companies are required to provide an analysis that support the rate changes they file. DISB staff review the analysis and ask for more information, if needed, to evaluate whether the rate changes are supported and comply with District law. If indicated by the review, DISB will require changes to the rate filing before approving.
By law, rates must be adequate and cannot be excessive or unfairly discriminatory. Rates are based on sound actuarial principles; reasonably related to all costs; and not based on the insured’s race, creed, color, ethnicity, or national origin. Rates are also not allowed to vary based on the insured’s address or having like insuring or risk characteristics.
If your auto or home insurance bill is rising, ask your company to explain the increase, if you’re getting all available discounts or if you can lower your coverage limits.
You might want to shop for a better deal.
You can refer to sample premiums here. Then call companies to get price quotes.
You might want to call an independent insurance agent. They can help make sure you’re comparing the same type and amount of coverage.
Have a question about insurance? Call DISB at (202) 727-8000 or visit disb.dc.gov.