PID will not approve rates that are excessive, inadequate, or unfairly discriminatory
Harrisburg, PA – Aiming to keep more money in Pennsylvanians’ pockets, the Pennsylvania Insurance Department (PID) today announced that it blocked $180.3 million in 2024 in annual property and casualty (P&C) insurance premium increases in Pennsylvania through its robust rate review processes.
P&C insurance – which includes personal auto, homeowners, renters and flood insurance – protects individuals and businesses from financial losses related to their property, such as damage to physical assets, accidents, or negligence claims. Insurance companies must file their proposed rate changes with PID before the rate changes take effect. PID’s actuarial staff review the proposed rates to ensure they are justified and not excessive, inadequate, or unfairly discriminatory.
“The significant amount of money PID saved consumers in 2024 is a testament to our commitment of putting Pennsylvanians first,” said Pennsylvania Insurance Commissioner Michael Humphreys. “Although we recognize that insurance rates have been increasing year-over-year to account for increases in repair and replacement costs of the items we insure, PID will always aim to keep as much money in Pennsylvanians' pockets as possible by never approving rates that are excessive, inadequate or unfairly discriminatory.”
Through the rate review process in 2024, PID saved consumers:
- $119.7 million in personal auto premiums;
- $42.9 million in homeowners/dwelling fire premiums;
- $5.6 million in personal umbrella premiums;
- $3 million in pet insurance premiums; and
- $9.1 million in other types of P&C insurance premiums.
PID reminds Pennsylvanians to periodically check in with their insurance company or agent to review their coverage. Pennsylvania's insurance market is competitive with more than 1,200 insurers, so these reviews help consumers explore their options such as raising their deductible to lower monthly costs or updating their coverage during life changes (like if their driving habits are different now).
Pennsylvanians should keep in mind that it can take up to 60 days for an insurance company to set up a new policy. PID recommends weighing the pros (like lower costs or better benefits) and cons (like losing some protections) before switching or staying with their current plan.
Pennsylvanians can visit PID’s website for tools and resources to help understand the different types of insurance and to make informed decisions through every stage of life.
Pennsylvanians with questions about their insurance or who need to submit a complaint, may contact PID's Bureau of Consumer Services online or by calling 1-877-881-6388.
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