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NC insurers ask for homeowner policy rate hike

WILMINGTON, NC (WWAY) — The North Carolina Department of Insurance says it has received a request by insurers that could mean big rate increases for homeowners policies across the state.

NCDOI says late this afternoon the NC Rate Bureau, which represents all companies writing homeowners insurance in the state, requested a statewide average rate increase of 25.3 percent, varying by territory. The Rate Bureau requested the changes to go into effect Aug. 1.

The requested rate changes range from -2.7 percent to +35 percent. The insurance companies have also requested revisions to the current geographic rating territories.

Click here to see the full filing

Department of Insurance experts will review the filing to determine what, if any, rate adjustments are warranted. If NCDOI and the NC Rate Bureau do not initially agree on the proposed rate changes, Insurance Commissioner Wayne Goodwin will call for a public hearing in which both parties would present their cases for or against rate adjustments.

There will be a public comment session on Friday, Jan. 24, 9:30 a.m. to 4 p.m. in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St., Raleigh.

Written public comments will be accepted from Jan. 3 through Jan. 31. Written comments should be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or emailed to 2014homeowners@ncdoi.gov.


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