N.C. insurance industry requests rate hike on homeowners’ policies

The North Carolina Department of Insurance received a homeowners’ rate increase filing from the North Carolina Rate Bureau on Monday, Oct. 1. 

The 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. 

For 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. 

Written public comments should be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or emailed to 2012homeowners@ncdoi.gov. The deadline for submitting written comments is Oct. 19. 

The 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 adjustments. 

The 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 administration. 

The 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.