Proposal for higher insurance rates heads to summer hearing

Update:  On Jan. 5, NC Insurance Commissioner Mike Causey set July 23, 2018 as the hearing date to resolve the issue of proposed homeowners insurance rate increases.

The NC Rate Bureau’s proposed a substantial homeowners insurance rate increase. In December, citizens had an opportunity to comment on this proposal and more than 9,000 comments were received by the NC Department of Insurance.

Causey did not accept the new insurance rates, saying that ““We are not in agreement with the Rate Bureau’s proposed increases.”

View the full statement from the Dept. of Insurance here.

A proposal submitted to the NC Department of Insurance (NCDOI) would increase homeowners’ insurance rates by as much as 25% in parts of eastern NC. The proposal also includes requests to increase tenants (renters) and condo insurance policies as much as 40%.

The proposed homeowners insurance rate increase also impacts policyholders with wind only policies such as those written through the NC Insurance Underwriters Association (NCIUA), commonly referred to as the Beach Plan. This filing does not affect policyholders with Dwelling Policies – those that typically cover second homes, vacation rental homes or year-round rental homes.

View the proposed Homeowners Insurance rate changes:  2017 HO Insurance Filing NC 20 CALL FOR ACTION (2)