October 3, 2012
N.C. insurance industry requests rate hike on homeowners’ policies
North Carolina Department of Insurance received a homeowners’ rate
increase filing from the North Carolina Rate Bureau on Monday, Oct.
Bureau, which is not affiliated with the Department and represents the
property insurance companies writing business in the state, requested a
statewide average increase of 17.7 percent, with a requested effective
date of June 1, 2013.
The filing is available for public review on the department’s website. To view the entire filing, go to http://pserff.ncdoi.net/pc.html and enter the Serff Tracking Number NCRI-128708881.
interested parties who would like to weigh in on the rate requests,
there will be a public comment session on Wednesday, Oct. 17, from 9:30
a.m. to 4 p.m. in the Jim Long Hearing Room of the Dobbs Building, 430
N. Salisbury St., Raleigh.
public comments should be mailed to: NCDOI, Attn: Bob Mack, Property
& Casualty Division, 1201 Mail Service Center, Raleigh, NC
27699-1201; or emailed to [email protected]. The deadline for submitting written comments is Oct. 19.
filing will be reviewed by department experts to determine what, if
any, rate adjustments are warranted. If the two parties cannot agree on
rate changes, Commissioner Wayne Goodwin will call for a public hearing
in which both parties would present their cases for any rate
North Carolina Rate Bureau is not required make an annual rate filing
with the Department of Insurance for homeowners’ insurance. This is the
first homeowners’ insurance rate filing during Goodwin’s
last homeowners’ insurance rate filing occurred in 2008 when the
insurance companies requested a 19.5 percent statewide average
increase. A settlement agreement allowed for a 4.05 percent statewide
average increase to go into effect in May 2009.