NC Rate Bureau Asks for 18.7 Percent
Rate Hike for Homeowners Insurance
Insurance Commissioner Mike Causey today announced that the North Carolina Rate Bureau has filed notice with the NC Department of Insurance asking for a statewide average increase in homeowners insurance rates of 18.7 percent for 2018. The NC Rate Bureau represents the homeowners insurance companies in the state in asking for this increase.
This rate filing is the first homeowners insurance rate filing the Department of Insurance has received from the Rate Bureau asking for an increase in rates since 2014. That filing resulted in the first homeowners insurance hearing in over 20 years with the Insurance Commissioner finally deciding on a “No Change” decision on behalf of policyholders.
The last time a homeowners insurance rate increase request from the Rate Bureau resulted in higher rates for homeowners was in 2012. The Rate Bureau asked for a 17.7 percent increase, then after negotiation settled at an overall statewide average of 7 percent.
A public comment period is required by law to give the public time to address the Rate Bureau’s proposed rate increase. There are three ways to provide comment:
A Public Comment forum will be held to listen to public input on the Rate Bureau’s rate increase request at the NC Department of Insurance’s Second Floor Hearing Room from 10 a.m. to 4:30 p.m. on Dec. 12, 2017. The Department of Insurance is located in the Albemarle Building, 325 N. Salisbury St., Raleigh, NC.
Emailed public comments should be sent by Dec. 29, 2017 to: 2017HomeInsurance@ncdoi.gov
Written public comments should be mailed to Tricia Ford to be received by Dec. 29, 2017 and addressed to: 1201 Mail Service Center, Raleigh, NC 27699-1201
All public comments will also be shared with the NC Rate Bureau. If Department of Insurance officials do not agree with the requested rates, they will be negotiated with the NC Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.
Settlements have been reached on rate filings in the past but if the case goes to a hearing, the hearing officer will rule on rates and any appeal would go through the court system. The rates set in these cases represent the highest amount allowable for all companies to charge.