| January 6, 2014
Companies seek another rateJust
six months after it was granted an increase in homeowners’ insurance
rates, the North Carolina Rate Bureau, which represents the interests
of insurance companies, has asked for another increase.
hike on homeowners’ insurance
By IRENE NOLAN
Under the new request, the insurance companies want homeowners rate increases of 25 percent statewide.
areas would see reductions of 2.7 percent, according to the North
Carolina Department of Insurance, but some property owners on the coast
would see increases of 35 percent.
The request for another increase was filed on Friday afternoon, Jan. 3. They would take effect on Aug. 1, 2014.
latest request for an increase did not sit well with Department of
Insurance Commissioner Wayne Goodwin, who promised a fight with the
“New homeowners insurance rates went into
effect in July 2013. I am appalled that the insurance companies would
request another increase just six months later,” Goodwin said in a new
release on Friday afternoon, Jan. 3. “I believe the insurance companies
should withdraw this rate filing immediately. If they do not, the
insurance companies should expect a full hearing on this matter; I will
not entertain any settlement negotiations.”
Goodwin said in the
release that the filing will be reviewed by Department of Insurance
experts to determine what, if any, rate adjustments are warranted. If
NCDOI and the N.C. 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.
Goodwin noted in the news release that
he especially took offense “at the companies’ concerted efforts to file
this request late on a Friday afternoon, when they think the public
won’t be paying attention.”
“I urge North Carolina homeowners to
take advantage of the public comment period and let their insurance
companies know what they think about the notion of another homeowners
insurance rate increase.”
The filing is available on the
Department of Insurance website. Go to pserff.ncdoi.net/pc.html and
enter the Serff Tracking Number NCRI-129361028. There will be a public
comment session on Friday, Jan. 24, from 9:30 a.m. to 4 p.m. in the Jim
Long Hearing Room of the Dobbs Building, 430 N. Salisbury St., Raleigh.
comments will be accepted from Jan. 3 through Jan. 31. Mail them to:
NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail
Service Center, Raleigh, NC 27699-1201; or e-mail [email protected].