State Sen. Michael E. Hastings has introduced Senate Bill 2699, a proposal that would require insurance companies to give consumers advance written notice before raising rates on home or auto policies.

“Consumers deserve to know when a rate increase is coming so they can properly budget for it,” Hastings, a Democrat from Frankfort, said in a news release. “Families should not be blindsided by unexpected hikes that force them to choose between saving for a rainy day or covering an insurance bill.”

Under the proposed legislation, if an insurance company raises a consumer’s premium by more than 10%, the company would be required to give policyholders at least 30 days notice for auto insurance and 60 days notice for homeowners insurance, according to the release.

The measure is intended to give consumers time to explore other options if faced with steep cost increases. By mandating timelines for advance notice, the bill will help protect household budgets, Hastings said.

“This legislation is about fairness and accountability,” Hastings said in the release. “Insurance is supposed to give families peace of mind, not add unnecessary stress. Requiring timely notice of major increases ensures people have the information and flexibility they need to make the best decision for their families.”

Senate Bill 2699 awaits consideration.