1. Recently, Gov. Jay Inslee signed a bill into law in Washington that aims to regulate the pet insurance market more effectively.
2. The new law addresses concerns raised by customers who felt that their pet insurance policies did not meet their expectations.
3. One major change is that pet insurance providers can now deny coverage for a pre-existing condition only if it is "directly related" to the new ailment.
4. Additionally, waiting periods for coverage of accidental injuries will be eliminated, providing quicker access to medical care for pets.
5. Although the law does not impose caps on annual rate increases for pet insurance, it requires companies to clearly communicate to customers that premiums may rise with the age of the animal or changes in the owner's location.
6. State Sen. Derek Stanford, the bill's sponsor, believes that this new measure is an important consumer protection policy that fills the gaps in existing laws governing pet insurance.
7. The bill received unanimous support in both the House and Senate and will go into effect on January 1, 2024, aiming to provide better regulation and protection for pet owners in Washington.