NC Insurance Industry Requests 17.7% (avg) Rate Hike for Property Owners (30% for Coastal Property Owners)

October 11, 2012 10:54

RALEIGH -- Insurance Commissioner Wayne Goodwin announced on October 3, 2012 that the Department of Insurance (DOI) received a homeowners rate filing from the North Carolina Rate Bureau on October 1st. The Bureau, which is not affiliated with the DOI and represents the property insurance companies writing business in the state, requested a statewide average increase of 17.7%, with a requested effective date of June 1, 2013. (Note: The requested increase in property insurance for New Hanover County property owners is 30%).

The filing is available for public review on the DOI'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 October 17th 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 October 19th. The filing will be reviewed by DOI experts to determine what, if any, rate adjustments are warranted. If the two parties cannot agree on rate changes, Commissioner 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 to make an annual rate filing with the DOI 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% statewide average increase. A settlement agreement allowed for a 4.05% statewide average increase to go into effect in May 2009.

 

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