Macomb Daily: Bills could raise insurance premiums
I have concerns about legislation pending before the Michigan Legislature: House Bill 4681 and Senate Bill 329. These bills threaten to raise insurance costs for hundreds of thousands of Michiganders, and most voters are not even aware they exist. Bad faith legislation could hike insurance premiums anywhere from $2.4 billion to $4.7 billion, which is an estimated 11% to 21% increase relative to current costs per insurance policy.
As inflation forces many citizens to tighten their belts, this unprecedented surge in costs could be detrimental to individuals and families in our communities. With the cost of living already driving substantial economic volatility across our state, an overwhelming 63% of Michiganders do not support SB 329 and HB 4681, given the potential implications on insurance costs.
In Michigan, we stand up for marginalized and underrepresented constituencies, the very ones that stand to lose if SB 329 and HB 4681 become law. It is undeniable these bills would disproportionately affect low-income residents at a time when they can least afford it. When similar legislation passed in California, insurance premiums soared 32% to 53%. While some Michigan households may eventually recover, sky-high rates like these offer two paths for disadvantaged communities: purchase expensive insurance and sacrifice other necessities, or go uninsured and leave yourself vulnerable to financial devastation in the event of an emergency.
Sue Schwark