Why Washingtons home and auto insurances rates wont come down anytime soon [Video]

SPOKANE, Wash. – Homeowners in Spokane and across Washington are feeling the pinch as insurance rates continue to rise sharply.

Data from the Washington Office of the Insurance Commissioner shows that homeowner rates increased by more than 16% in 2023 and another 21 percent in 2024. The rising rates are attributed to insurance companies adjusting to increased payouts, which rose 35 percent from 2021 to 2022 and another 8% in 2023.

“The cost of claims is the biggest driver of insurance pricing,” said David Forte from the Office of the Insurance Commissioner.

The rate hikes have left many Washingtonians frustrated. The Office of the Insurance Commissioner noted that the severity of claims, rather than the total number, is driving the increase. “There’s folks at the OIC who’ve been here for over 30 years, they have no memory of this type of a loss trend,” Forte added. “You saw used car …