Insurance Companies in North Carolina Request 25% Average Rate Increase for Homeowners Policies

The North Carolina Department of Insurance received a homeowners insurance rate filing from the N.C. Rate Bureau on Friday, Jan. 3.  The N.C. Rate Bureau has requested a statewide average rate increase of 25.3 percent, varying by territory, with a requested effective date of Aug. 1, 2014.

The requested rate changes range from -2.7 percent to +35 percent.  The average rate increase is 25.3%.  The insurance companies have also requested revisions to the current geographic rating territories.

The filing will be reviewed by Department of Insurance to determine what, if any, rate adjustments are warranted. Insurance Commissioner Wayne Goodwin blasted the industry’s request, and urged the industry to withdraw it immediately. Goodwin ultimately would have to approve any rate increase.

Opportunity for Public Comment runs from Jan 3 through Jan 31.

Do you want to sit in on the live rate request?  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.

If you are interested in viewing the entire filing, go to http://pserff.ncdoi.net/pc.html and enter the Serff Tracking Number NCRI-129361028.