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NC Rate Bureau Requests Increases up to 35% for Homeowners Insurance

7
Jan

The North Carolina Department of Insurance received a homeowners insurance rate filing from the N.C. Rate Bureau in the late afternoon of Friday, January 3. The N.C. Rate Bureau has requested increases in our area of up to 35%, with a requested effective date of August 1, 2014.

In coastal North Carolina, 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. The result of the territories changing means that some areas of inland southeastern North Carolina could see a decrease in rates while other areas closer to the coast are poised for a 35% increase.

The increases proposed for 2014 follow increases in 2012, 2009 and every rate cycle since 1992.

Please join BASE in calling upon the North Carolina Commissioner of Insurance to resoundingly DENY the proposed insurance increase.

Written public comments will be accepted from Jan. 3 through Jan. 31. It is as simple as sending an email to 2014homeowners@ncdoi.gov and expressing your opposition to further increases.

Draft comments can be found by CLICKING HERE. (a Word document will download)

Several additional suggestions for comments:

-Ask the Commissioner to 1) continue to publicly and privately ask that the insurance companies withdraw the filing and 2) NOT grant any homeowners insurance increases.

-Use historical examples on your property: Amount of increases in the past, number of claims made (if any), Proactive storm measures you have installed at your property, etc.

For people who would like to weigh in on the rate requests in person, 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.

If you have specific questions on how you can participate or need more information, please contact BASE at 910-799-2611 or at www.ncbase.org.