SCC News

RICHMOND – The holiday season, for many, means good food, gifts, gatherings with friends and loved ones and engaging in special festivities. Don’t let cooking fires, stolen gifts, icy sidewalks, overworked electrical outlets or other seasonal hazards dampen your holiday spirit.

The State Corporation Commission’s Bureau of Insurance (Bureau) encourages Virginians to protect themselves financially against holiday mishaps by ensuring they have the insurance coverage they need.

“At home or on the road, don’t let a lack of insurance coverage put the brakes on your happy holiday season,” said Virginia Insurance Commissioner Scott White. “Review your insurance now. Understand what is and is not covered and ask your insurance agent or company if you have questions.”

Review your insurance coverage and update it as needed to protect yourself and your loved ones in the event an injury, illness, theft or other mishap occurs.

Take steps now to keep your home, vehicle and belongings safe during the holidays. Know how much your auto and homeowners insurance will cover if someone steals gifts, decorations or other items from your vehicle, home or yard. Know, too, what type of insurance you need if a special holiday meal or decorations go up in flames; an undercooked turkey sends guests to the hospital; a guest slips and falls on your front steps; or frozen pipes burst causing water damage to your home.

Severe winter weather and distracted drivers can make holiday driving a challenge. Keep your auto insurance company’s contact information and a copy of your insurance card with you when you drive. Review your liability limits to ensure you have adequate protection against injury or damage if you are involved in an accident during the hectic holiday rush.

Know what your health insurance will cover if you need treatment at an urgent care facility or hospital while you are out-of-state or traveling abroad. Take health insurance information with you when traveling, such as identification cards and contact details for all of your family members.

Make an early New Year’s resolution to create – or update – your home inventory. An inventory can help you determine if your homeowners or renters policy provides enough coverage for your belongings and can facilitate the claims process if you have to file an insurance claim. An inventory also will help you identify high-cost items that may need separate insurance coverage such as jewelry, art or electronics.

Check to make sure you have insurance coverage for seasonal activities that you may enjoy such as skiing, snowboarding and snowmobiling.

For information about a variety of insurance-related topics, contact the Bureau in Richmond at 804-371-9741 or toll-free at 1-877-310-6560 or visit its website at scc.virginia.gov/pages/Insurance. Additional information also may be found on the National Association of Insurance Commissioners’ website at naic.org.

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Contact: Katha Treanor, 804-371-9141

Nearly 500,000 Virginians losing Medicaid can find affordable alternatives on the Marketplace.

RICHMOND – Open enrollment begins November 1, 2024, on Virginia’s Insurance Marketplace, the Commonwealth’s official state-based exchange dedicated to providing affordable and high-quality health insurance to eligible consumers. This open enrollment season, running now through January 15, 2025, comes at an important time as nearly 500,000 Virginians have lost Medicaid coverage following the end of the COVID-19 public health emergency.

Launched in 2023, the Marketplace has helped more than 400,000 Virginia residents enroll in health plans, placing Virginia among the top 10 states nationwide for first-year enrollment. The Marketplace is operated by the Virginia Health Benefit Exchange, a division of the State Corporation Commission.

“Virginia’s Insurance Marketplace was designed by Virginians, for Virginians, and we’re excited to help more residents find affordable health coverage,” said Keven Patchett, director of Virginia’s Insurance Marketplace. “With more than 3,000 certified local assisters and agents across the Commonwealth and translation services in more than 15 languages, our team of experts is here to guide Virginians through open enrollment and ensure they receive the best plan to fit their needs and budget.”

The Marketplace is the only place where Virginians can apply for financial assistance to help lower their monthly health insurance costs. Nine out of 10 customers qualify for savings, and many Virginians can get coverage for as little as $10 a month. Individual and family plans are available to eligible Virginians, including those who are unemployed, are self-employed, or have jobs that don’t provide affordable insurance options.

Every health plan offered on the Marketplace covers the 10 essential health benefits required by law, which include emergency services, pregnancy and childbirth services, and prescription drugs.

“Navigating changes in your health care coverage can be daunting, especially for the many residents who have recently lost Medicaid coverage,” said Patchett. “Life happens in real time, and we are proud to be an accessible, easy-to-use resource for Virginians to find the plan that’s right for them.”

The plan year 2025 Open Enrollment Period will run from November 1, 2024, through January 15, 2025. Anyone who enrolls by December 31, 2024, will have health insurance coverage effective on January 1, 2025. For those who enroll between January 1 and January 15, coverage will begin February 1, 2025. After January 15, Virginians experiencing a Qualifying Life Event (such as having a baby or losing health insurance coverage) may be eligible to enroll during a Special Enrollment Period.

To get started, Virginians can visit Marketplace.Virginia.gov to browse and compare health insurance plans. For additional help — either online or in person — Virginians can access the following resources:

The Marketplace Help Center can connect Virginians to someone either in person or on the phone. Free translation services are also available.

The FAQ page answers some of the most common questions about the Marketplace.

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Contact: Andy Farmer, 804-371-9141

RICHMOND – Autumn means falling leaves and shorter periods of daylight. It also brings an increase in vehicle collisions with deer.

Deer mating and migration that typically occur this time of year contribute to an increase in vehicle-deer crashes. In fact, November is the peak month for insurance claims related to vehicle collisions with deer. The State Corporation Commission’s (SCC’s) Bureau of Insurance reminds motorists to stay alert for deer when driving on Virginia’s roadways.

“Even the most careful driver is at risk of colliding with a deer, which can leap into a roadway with no warning,” said Virginia Insurance Commissioner Scott White. “As fall arrives, ask your insurance agent or company to find out if your automobile policy provides coverage for claims involving a crash with deer or other wildlife.”

Insurance policies with liability-only coverage may not cover damage to your auto if it strikes a deer. Collisions with deer typically fall under optional “other-than-collision” (or “comprehensive”) coverage. In addition to deer crashes, other-than-collision coverage often covers other types of damage to your vehicle such as damage resulting from theft, wind, hail, flood, fire or vandalism.

Eliminating distractions in your vehicle and lowering your travel speed may help prevent a crash with deer. If a deer runs out in the road, drivers should stay in their lane and brake as carefully as possible. While jarring, striking a deer is often safer for the driver and vehicle occupants than swerving sharply, which may cause loss of control, creating additional peril for you and your vehicle as well as putting surrounding vehicles and their occupants at risk.

If your vehicle strikes a deer, notify law enforcement as soon as possible. If you plan to file an insurance claim, notify your insurance company and take photos of the scene of the crash when safe to do so, as well as damage to the vehicle. If you notice fluids leaking from your vehicle, damaged tires, broken lights or other damage, call a tow truck.

The Bureau of Insurance stands ready to assist Virginians with their questions regarding auto and many other types of insurance. For more information, call the Bureau at 1-877-310-6560 or in Richmond at 804-371-9741 or visit scc.virginia.gov/pages/Insurance.

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Contact: Jordan Bondurant, 804-371-9141

RICHMOND – The State Corporation Commission (SCC) is offering an opportunity for members of the public to hear presentations regarding personal motor vehicle (auto) and homeowners insurance rates in Virginia. The presentations will be held on Thursday, October 24, 2024, at 9:30 a.m. in the Commission's Courtroom C, located on the second floor of the SCC’s headquarters at 1300 East Main Street in Richmond. The presentations also will be broadcast online through a live webcast available through the SCC’s website.

These presentations – from a sampling of auto and homeowners insurers representative of those doing business in Virginia – will address the following:

• Trends affecting rates in Virginia;
• How rates in Virginia compare to rates in other states;
• The outlook for future rate changes;
• Steps being taken or anticipated to control or mitigate rate increases, and
• Options that are available to policyholders to lower rates.

In addition, the SCC’s Bureau of Insurance (Bureau) will provide an overview of its role in the rate process and review for auto and homeowners insurance rates and information regarding the market for these types of insurance in Virginia.

To listen to the presentations, visit Virginia SCC - Webcasts on the day of the presentations.

When considering purchasing auto and homeowners insurance, the Bureau encourages Virginians to shop around and compare costs, additional coverage options, deductibles, limits and any applicable exclusions. The Bureau offers a variety of resources regarding auto and homeowners insurance on its website – including online tools to help Virginians shop for and compare auto and homeowners insurance premiums – at Virginia SCC - Property & Casualty.

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Contact: Katha Treanor, 804-371-9141

INS-2024-00088 - SCC Ex Parte: 2024 State of the Market Presentations as Directed by the Commission 

RICHMOND – Many American families would face financial hardship if a wage earner died unexpectedly. Life Insurance Awareness Month – celebrated each September – is a reminder that life insurance can help protect your loved ones financially now and in the future.

The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) reminds Virginians that there are many factors to consider when determining if life insurance is right for you and your family.

“Life insurance is an important decision when considering your family’s financial future,” said Virginia Insurance Commissioner Scott A. White.  “Examine your existing financial resources, debts and other liabilities, as well as your family’s needs and goals. Understand the different types of life insurance and shop around to compare prices and coverage.”

White encourages Virginians who already have life insurance to review their policies regularly to ensure their coverage keeps pace with their changing circumstances.Life events such as a marriage, birth, divorce, remarriage or other changes affecting your finances (such as a new mortgage or a new job) may trigger a need to update your life insurance policy.

If you do not have life insurance, shop around and understand the different types of policies available and the costs.

Consider the following when determining how much life insurance you may need: Does your spouse or partner work? Do you have any sources of income other than salary? Do you have life insurance through your job? Are there financial obligations that may fall upon family members if you die, such as a mortgage or rent, business expenses, medical expenses, car loans or student loans? How much money may you need for short-term and long-term goals, such as retirement, providing care for a loved one or your children’s education?

Understand the types of life insurance available – term life or permanent – and how benefits are paid when you die. What you pay for life insurance (premiums) depends on the type of policy you choose, your health status, age, gender, occupation, family health history and lifestyle.

When considering life insurance options, compare premiums, coverage and claims service.  Talk to an insurance agent or company or contact the Bureau of Insurance in Richmond at 804-371-9741 or toll-free at 1-877-310-6560 for questions or to verify that the company or individual offering the coverage is licensed and in good standing. The Bureau’s free Virginia Life Insurance Consumer Guide provides answers to many life insurance questions. That guide is available on the Bureau’s website at scc.virginia.gov/pages/Tips,-Guides-Publications.

The National Association of Insurance Commissioners (NAIC) offers a free Life Insurance Policy Locator Service that can help consumers find lost life insurance policies and annuity contracts. To learn more about the Locator Service, visit  https://content.naic.org/article/naic-life-insurance-policy-locator-helps-consumers-find-lost-life-insurance-benefits

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Contact: Katha Treanor, 804-371-9141
 

RICHMOND – Hurricanes and other disasters can happen anywhere and anytime. Each September, National Preparedness Month serves as a reminder about the importance of preparing for such disasters and other emergencies.

September also marks the midpoint of the Atlantic hurricane season, the peak period when potentially deadly tropical cyclones form in the Atlantic Ocean. The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) urges Virginians to assess their risk and act now to protect themselves, their families and their property, both physically and financially.

The Atlantic hurricane season runs from June 1 through November 30. The 2024 season is predicted to be a busy one, with five named storms so far. Even areas hundreds of miles from the coast can be impacted by the high winds, heavy rains and flooding that accompany hurricanes and tropical storms. Once a hurricane develops in the Atlantic, it may be difficult to find an insurance company willing to write coverage until after the storm threat passes.

“Don’t wait until it’s too late to protect yourself and your property from a hurricane or other disaster,” said Virginia Insurance Commissioner Scott A. White. “Ensure that your insurance coverage is up to date so you can minimize financial damage. Review your insurance policies and know what is – and is not – covered. Talk to your insurance agent or company or contact the Bureau of Insurance if you have questions.”

White encourages policyholders to consider the following:

• Does your homeowners policy contain a special deductible for wind or hurricane losses? These deductibles are applied separately from any other deductible on a homeowners policy and may be written as a flat amount, such as $1,000, or applied to a loss as a percentage of the insurance coverage on the dwelling.
• Does your homeowners policy provide coverage for such things as sewer backup? Most homeowners policies do not provide coverage for sewer backup, but policyholders may purchase additional coverage for this.
• Are vehicles covered in the event of a hurricane or windstorm? If you have other-than-collision (or comprehensive) coverage for your vehicle under your automobile policy, your vehicles generally will be covered for flood and wind damage.

Keep in mind that hurricane damage is often caused by flooding, not high winds. Standard homeowners, renters and commercial insurance policies issued in Virginia typically do not provide coverage for damage from floods, surface water or storm surge. Insurance coverage for flood damage is available to homeowners, renters and business owners in eligible communities through the National Flood Insurance Program, but there is typically a 30-day waiting period before a new flood insurance policy takes effect. Learn more at www.floodsmart.gov.

Creating an inventory of your personal property including photos, videotapes and serial numbers can help facilitate the claims process if damage occurs. Keep this home inventory and your insurance policies in a secure, waterproof and fireproof container and take them with you if you evacuate. Your policies contain the policy number and insurance company’s phone number if you have questions or need to file a claim.

If your property is damaged by a hurricane, contact your insurance agent or company as soon as possible. To protect your property from further damage, make necessary emergency repairs. Document all damage to your property and include photographs, notes and repair-related receipts.

To learn more, contact the Bureau of Insurance Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185. The Bureau offers free consumer guides for homeowners and commercial property owners with information about what to do when a disaster strikes. These are available on its website at scc.virginia.gov/pages/Disaster-Readiness.

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Contact: Katha Treanor, 804-371-9141

RICHMOND – Hurricanes and other natural disasters can take an immense toll on businesses including closures or disruptions that may last for days, weeks or longer. Some businesses may never reopen following a natural disaster, while others that reopen may fail soon after. No business is immune to the effects of natural disasters. Even disasters far away can impact your business by disrupting supply chains and communications.

The State Corporation Commission’s Bureau of Insurance (Bureau) encourages businesses to assess their risk of damage or disruptions from disasters, review their insurance coverage regularly, and adjust it as needed to make sure they have enough coverage to help return their business to operation. Businesses should understand what their policies cover and how much they may need to make repairs, minimize disruptions and pay business expenses – including payroll and payments to creditors – in the event of a disaster.

Contact your insurance agent or company now – before disaster strikes – if you have questions about coverage or filing a claim.

Advance planning is critical. “The survival of your business can depend largely upon how you plan for and respond to disasters,” said Virginia Insurance Commissioner Scott A. White. “Protect yourself and your business physically and financially by preparing for the unexpected and having the insurance coverage you need when you need it.”

The Bureau offers the following tips to help get your business running again as quickly as possible after a natural disaster:

• Assess your risk for certain types of disasters, such as fires or floods.
• Have emergency disaster and business continuity plans in place that include a communications plan, employee contact information, backup vendors or suppliers, a temporary relocation site and procedures for work processes and payroll.
• Make sure your insurance coverage is up to date by reviewing policies and adjusting as needed.
• Know how to respond if disaster strikes.

Educate yourself on what your insurance policies cover and consider the following: 

• What are your deductibles, coverage limits and exclusions?
• Do you need additional or separate coverages such as coverage for damage related to floods or earthquakes, which are not usually covered by standard business insurance policies?
• Do you need separate automobile insurance for business vehicles?
• Are your business and its contents insured for current replacement cost?
• Will you need business interruption insurance to cover loss of income that your business may suffer after a disaster?

Additional steps businesses can take include the following:

• Share business continuity plans with employees and hold disaster simulation exercises.
• Develop a communication plan and procedures for work processes and payroll during a disaster or business interruption.
• Keep preparedness items onsite at your workplace – including disaster provisions, maps with evacuation routes and access to a working radio and mobile apps for emergency instructions.
• Compile and safely store an inventory of assets and equipment (including computer hardware), and back up all personal and company data regularly in case information is lost during a disaster.
• Keep physical copies of important records (such as building plans, insurance policies, bank accounts and employee contact information) in a safe, waterproof and fireproof place.

The Bureau offers free consumer guides specifically geared to businesses. To learn more, contact the Consumer Services Section of the Bureau of Insurance Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185 or visit scc.virginia.gov/pages/Insurance.

For additional emergency preparedness information relating to disasters, visit vaemergency.gov.

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Contact: Katha Treanor, 804-371-9141

RICHMOND – The State Corporation Commission (SCC) is offering an opportunity for members of the public to hear presentations regarding health insurance rates in Virginia’s individual and small group market for plan year 2025. The presentations will be held on Thursday, August 22, at 9:30 a.m. in the Commission's courtroom C, located on the second floor of the Tyler building, 1300 East Main Street in Richmond. The presentations also will be broadcast online through a live webcast available through the SCC’s website.  

The SCC has historically delegated to its Bureau of Insurance (Bureau) its responsibility for reviewing and approving rates for health benefit plans issued in Virginia in the individual and small group markets. The Bureau, with assistance from the Virginia Department of Health, performs plan management functions required to evaluate health benefit plans and stand-alone dental plans for participation in Virginia’s Health Benefit Exchange in accordance with the federal Patient Protection and Affordable Care Act. The Bureau has until August 30, 2024, to complete its review of Qualified Health Plans (QHPs) for the 2025 plan year.

Before providing the results of its QHP certification recommendations to the SCC’s Health Benefit Exchange Division, and before finalizing form and rate approvals for health insurance products for sale and use in Virginia both on and off the Exchange, the Bureau receives insurance company rate information from all carriers and coordinates in-person insurance rate presentations by select carriers. Those presentations provide an overview of the range of rate impact or change for identified health insurance products proposed to be offered in the individual and small group markets for use in Virginia as of January 1, 2025. The presentations also review the Virginia health insurance market as a whole and focus on some key factors in rate changes.

To listen to the presentations, visit scc.virginia.gov/pages/ACA-rate-form-filing-information and review “Upcoming Meetings.” Information and instructions on how to submit public comments will be provided during the rate presentations.

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Contact: Katha Treanor, 804-371-9141

SCC case number INS-2024-00055 – In Re: In the matter of presentations of premium rates in connection with individual and small group health insurance coverage

RICHMOND – August is the time when many students head to college, some for the first time. While college means new classes, instructors, friends and living quarters, it can also mean new insurance needs.

The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) encourages Virginia families with college students to make sure their college prep checklist includes a thorough review of both their own insurance needs and those of their students. “Protect yourself and your family financially by ensuring your student has the insurance coverage they need for their health, auto, living space and belongings before they leave for college,” said Virginia Insurance Commissioner Scott A. White. “Make sure they understand their coverage and how to file a claim, if needed.”

The Bureau encourages parents and students to shop around for insurance coverage and compare premiums and policy provisions. Read any insurance policy carefully and make sure you understand exactly what is covered, as well as exclusions, deductibles and limits. If you have questions or concerns, contact your insurance agent or company.

The Bureau offers the following insurance considerations for parents and college students:

HEALTH

College students have several options for getting health insurance. Under federal law, students may be able to stay on their parents’ health insurance until they turn 26 years old. If your student remains on your health insurance policy, make sure they have a copy of any insurance cards and understand what services are covered, as well as know how to obtain referrals, if necessary, before seeking treatment. Under some health insurance policies, your student would need to find a physician or hospital that is within your insurance carrier’s provider network – except for emergency care – or pay more out of pocket if a provider is outside your carrier’s network.

Students who do not have health insurance through a parent's policy, or who have limited coverage due to provider networks or service areas, may opt to purchase a student health insurance plan through their college or university. Students also may be eligible for a Special Enrollment Period that would allow them to apply for a private health insurance plan through Virginia’s Insurance Marketplace at marketplace.virginia.gov.

PERSONAL PROPERTY AND HOUSING

College students often take many valuable items with them to school, such as laptops, printers, mobile phones, televisions, gaming devices and bicycles. When reviewing your insurance needs, consider how much it would cost to replace everything in your student’s dorm room or apartment if a theft or disaster occurred.

For students who live in on-campus student housing, their parents’ homeowners or renters policy may cover their belongings if they are stolen or damaged. Some policies, however, may limit the amount of coverage provided. Certain items – such as jewelry or expensive electronics – may require special coverage. In the event of a loss, policy deductibles may also apply.

Students living off campus should consider renters insurance, which typically covers a tenant's personal property and insures the tenant in case someone is injured on their leased premises. Landlords’ policies generally only cover the structure, not a renter’s possessions. Renters insurance premiums vary depending on the location of the rental unit and the value of the tenant's possessions.

No matter where your student lives, an inventory of personal property will help you and your student determine how much insurance is needed. If a loss occurs, the inventory can facilitate the claims process. Free smartphone apps – like the National Association of Insurance Commissioners’ (NAIC) Home Inventory – make creating a home inventory easy.

AUTO

For college students planning to take a car to school, parents should ask their insurance agent or company about coverage availability – as well as rates for the city and state where the college is located – before deciding whether to keep the student’s car on the family policy. If your student is attending college in another state, make sure you know that state’s minimum requirements for auto insurance coverage. Additionally, check with your agent or insurance company about good student discounts on the vehicle’s insurance premiums for students who maintain good grades.

Students whose names are on the title for a car should be named as an insured on the auto insurance policy. However, they may be able to stay on their parents' policy if their parents own the vehicle they will use at school. Tell your insurance agent where the vehicle will be kept if the address is different from what is on the policy.

For more information, contact the Bureau toll-free at 1-877-310-6560 or in Richmond at 804-371-9741 or visit its website at scc.virginia.gov/pages/Insurance.

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Contact: Katha Treanor, 804-371-9141

RICHMOND – Summer has arrived, and the State Corporation Commission (SCC) Bureau of Insurance (Bureau) encourages Virginians to assess their insurance coverages before hitting the road, the beach or the water.

“Don’t let a lack of insurance coverage put a damper on your summer fun,” said Virginia Insurance Commissioner Scott A. White. “Anticipate summer hazards now to minimize their potential financial damage by ensuring your insurance coverage is adequate and up to date.”

Know your coverage 
In the event of a theft, a medical emergency, an injury on your property, or damage to your home or vehicle, know the limits of your coverage and if you need additional insurance. Also understand your insurance deductibles and how to file a claim.

Swimming pools 
Do you have a pool? Homeowners policies will typically provide “other structures” coverage for in- or above-ground permanent pools. Smaller non-secured pools are typically protected by personal property coverage. Contact your company or agent to confirm what your policy will cover.

Keep an inventory 
When it comes to personal property, the Bureau reminds Virginians to review and update home inventories to help determine appropriate coverage for belongings and help with the claims process if damage or other property loss occurs. Free smartphone apps like the National Association of Insurance Commissioners’ (NAIC) – NAIC Home Inventory – makes creating a home inventory quick and easy.

High water can affect anyone 
Homeowners, renters and commercial insurance policies issued in Virginia typically do not cover damage due to flooding, surface water or storm surge. The federal government’s National Flood Insurance Program (NFIP) offers flood and flood-related insurance coverage. Bear in mind there may be a 30-day waiting period for policies to take effect; trying to get coverage right before an impending storm or potential flood might be too late. Contact the NFIP at 1 800-427-4661 or visit floodsmart.gov for more information, or contact your insurance agent or company regarding coverage options.

Travel Considerations 
If summer includes travel plans, understand your health insurance coverage in case you need medical treatment at an urgent-care facility or hospital. Keep policy information and insurance cards with you and be sure emergency contact information is current. If you buy travel insurance, understand what is and isn’t covered before your trip, including any exclusions for pre-existing conditions.

Autos and RVs 
Review your auto insurance policy prior to hitting the road. Check liability limits to ensure proper protection against personal injury or property damage because of an accident. Keep a copy of your insurance card with you and know what to do if an accident occurs. 

Recreational vehicle (RV) insurance covers risks similar to auto insurance including collision, comprehensive and liability coverage. Personal belongings on board, equipment and attached accessories such as awnings and satellite dishes may require additional coverage. Virginia does not require individuals to purchase RV insurance, but lenders may require it.

Boats and other watercraft 
Boat owners are encouraged to evaluate their insurance coverages before getting out on the water. Policy coverage on boats includes collision, property damage liability, bodily injury liability and comprehensive. Additional coverage options available include medical payments, personal property, roadside assistance, damages and injuries suffered in accidents caused by uninsured or underinsured boaters. Personal watercraft (PWC) may require separate coverage. Depending on the size, type and value, some watercraft may even be covered as part of your homeowners policy.

For more information about these or other insurance-related topics, contact the Virginia Bureau of Insurance in Richmond at 804-371-9741 or toll-free at 1 877-310-6560, or visit its website at scc.virginia.gov/pages/Insurance.

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Contact: Jordan Bondurant, 804-371-9141