your article says Charlotte home owners could se a rate increase as much as 8.4%. My insurer State Farm just sentme a letter saying the increase would be 12% over the NCRN rate and Premium — I’m confused?
I live in Winston Salem. The article noted that our rates would increase by 1%, State Farm just told me mine will increase by 11%. Worse yet, they want me to sign an indefinite waiver allowing them to charge rates higher than those approved by North Carolina. I’ve been with State Farm since 1976, but suppose I will be leaving them soon. In their letter, State Farm brags about how they insure more homeowners than any other company. Wonder how long that claim will be valid?
Second attempt to comment…The article says Winston Salem rates will increase by 1%. My State Farm letter shows an increase of almost 25%…from $663 to $819. This is about 11% over the NCRB rate. I have been with State Farm since 1976…That will change soon. This shows how greedy they have become.
Insurance companies are allowed to charge more than the NCRB rate. If they do charge more than they must get the customer to sign a Consent to Rate form.
Yes, they are allowed to with the consent to rate. Nothing in any of my comments have suggested State Farm or any other companies are doing anything they are not allowed. But as I stated they are just plain greedy. Just because you can do something doesn’t mean you should do it. The consent to rate has no expiration, so by signing it, you are pretty much giving the insurance company carte blanche to charge you whatever they want forever.
Just received my increase from state farm for homeowner policy. Over past several years I have gone from 900 to 1100 to 1300 last year and now asking over 1500. Some loyalty to a customer with home, cars 9(multiple) and umbrella policy. Been with them for 40 years. Just started looking around and think I will have to switch. A shame since I like the company but I’m being priced out.
I also have received the same letter from State Farm increasing my premiums by 13%. How can they do this if the agreement was only for a 7% increase and on top of that require me to sign a consent to rate form. This is illegal and needs to be stopped. Who should I talk to about this? Any ideas. Thanks.
Just received my letter from Allstate. We’ve been with them since 1995. It’s 10% above North Carolina (NCRB) manual rates. Not sure what the article means by Durham, Raleigh- 2.8%. Does it have something to do with inflation and what it would cost to purchase the materials needed to rebuild your home?
I understand the article to mean that the NCRB approved varying rate increases for different parts of the state to reflect where insurance companies incur more or less losses. They told these companies specifically that they could not spread the greater risk of being on the coast (due to hurricanes and such) to the rest of the state. The rates along the coast should be much higher than rates say in the Piedmont area since there is a greater risk of loss there than here. However, these companies are pretty much ignoring this and are spreading the risk amongst us all.
I am switching to USAA, they are much cheaper than State Farm, All State, Travelers or any of the other major companies.
I just got my homeowners bill and my rates from Travelers are increasing 44%. I called Travelers and talked to someone in upper management and they couldn’t give me any justification for the increase. How can they do this? I don’t even live in a flood zone or on the coast!!!!
State Farm couldn’t or wouldn’t explain this increase to me either. Seems funny most housing prices are going down but they claim the costs to rebuild have increased that much?
Something don’t add up here!!
I just got my mortgage bill and it went up 75.00 a month because my escrow was $1000.00 short.I figured it was a mistake and called my insurance agent and they raised my insurance from $1439. to $2488.and i have never turned in a claim but she said that north carolina raised it 50% ARE YOU NUTS.
No Brian, North Carolina only allowed a 7% increase. State Farm and some of the other major insurers raised our rate well above what the NC Insurance Board approved. In order for them to do that to you, you should have had to sign a lifetime waiver that enables the insurance companies to charge you whatever they want.
Or you could have done as I did, and as I hope many others will do as well, I dropped State Farm and went with USAA. My rates with USAA are half what State Farm wanted to charge.
You’re darn right! I’m dropping State Farm too. Whoops! Too late! I was going tomorrow tomorrow to sign up with another company, but State Farm sent me a letter today canceling my coverage because I didn’t send back their consent to 12% higher than NCRB rates 45 days prior to the end of my coverage. So much for being a 25 year customer without a claim! State Farm SUCKS!!! What a rotten company! I may have to paanother company twice the rate, but I would NEVER go back to State Farm!
THANK YOU JODY! We called and USAA has saved us about $400.00 with our car and two houses. Good bye State Farm after being with them since 89 and with only one house claim (roof) and good driving rate. They no longer wanted us.
I am very disappointed in State Farm. My homeowner’s insurance will be 14% higher than the NCRB rate – going from $616 to $702. I’ve been customer for 25 years and never had a claim. I will be searching for another carrier.
Just received rate increase for renewal with SAFCO, 40%!! From $690 annually to $1220 at renewal in August!!! Called carrier to see if it was a clerical error…nope rep said that is correct. I told her not to waste the paper for a renewal, they can keep it at that cost!!
Just received a notice of a rate increase 25% above NC Rate Bureau rates. I just suggested WRAL consumer protection to investigate and alert consumers about this and am shopping around for a new policy.
Not sure what the article is talking about. Our increase is 22.5% this year on top of 10% in 2012. No response from our carrier – Erie, and we have not filed a claim in almost 20 years. Last one I recall was for Hugo damage and this might have been with another insurer.
Just received letter from Peerless Insurance that my homeowner’s insurance would increase 38.77%. How ridiculous is that??? Needless to say, I am shopping around for another company and so far have received quotes of at least 700$ lower per year.
I am a USAA customer and I do get great customer service but when you first switch your insurance to a new company, that company normally gives you an introductory offer to get you as a customer, After the first year then they hit you. USAA raised my rate 22%. I have never had any homeowner’s claims. Don’t forget they invest our premiums and make money off of that.
I think this home owners insurance hike is terrible . My house payment has increased $229.00 in four years because of rate hikes I think it would be much for the people who live in the people in the disaster area need to pay , they keep rebuilding ,we keep paying,I am retired and do not need to keep paying I feel for these people ,but leaving on a fixed income,another rate hike gets keeps on coming ,help save everyone.
your article says Charlotte home owners could se a rate increase as much as 8.4%. My insurer State Farm just sentme a letter saying the increase would be 12% over the NCRN rate and Premium — I’m confused?
State farm letter told me 12% also. I am confused too.
I live in Winston Salem. The article noted that our rates would increase by 1%, State Farm just told me mine will increase by 11%. Worse yet, they want me to sign an indefinite waiver allowing them to charge rates higher than those approved by North Carolina. I’ve been with State Farm since 1976, but suppose I will be leaving them soon. In their letter, State Farm brags about how they insure more homeowners than any other company. Wonder how long that claim will be valid?
Second attempt to comment…The article says Winston Salem rates will increase by 1%. My State Farm letter shows an increase of almost 25%…from $663 to $819. This is about 11% over the NCRB rate. I have been with State Farm since 1976…That will change soon. This shows how greedy they have become.
Insurance companies are allowed to charge more than the NCRB rate. If they do charge more than they must get the customer to sign a Consent to Rate form.
Yes, they are allowed to with the consent to rate. Nothing in any of my comments have suggested State Farm or any other companies are doing anything they are not allowed. But as I stated they are just plain greedy. Just because you can do something doesn’t mean you should do it. The consent to rate has no expiration, so by signing it, you are pretty much giving the insurance company carte blanche to charge you whatever they want forever.
Just received my increase from state farm for homeowner policy. Over past several years I have gone from 900 to 1100 to 1300 last year and now asking over 1500. Some loyalty to a customer with home, cars 9(multiple) and umbrella policy. Been with them for 40 years. Just started looking around and think I will have to switch. A shame since I like the company but I’m being priced out.
I also have received the same letter from State Farm increasing my premiums by 13%. How can they do this if the agreement was only for a 7% increase and on top of that require me to sign a consent to rate form. This is illegal and needs to be stopped. Who should I talk to about this? Any ideas. Thanks.
Terry
Just received my letter from Allstate. We’ve been with them since 1995. It’s 10% above North Carolina (NCRB) manual rates. Not sure what the article means by Durham, Raleigh- 2.8%. Does it have something to do with inflation and what it would cost to purchase the materials needed to rebuild your home?
I understand the article to mean that the NCRB approved varying rate increases for different parts of the state to reflect where insurance companies incur more or less losses. They told these companies specifically that they could not spread the greater risk of being on the coast (due to hurricanes and such) to the rest of the state. The rates along the coast should be much higher than rates say in the Piedmont area since there is a greater risk of loss there than here. However, these companies are pretty much ignoring this and are spreading the risk amongst us all.
I am switching to USAA, they are much cheaper than State Farm, All State, Travelers or any of the other major companies.
I just got my homeowners bill and my rates from Travelers are increasing 44%. I called Travelers and talked to someone in upper management and they couldn’t give me any justification for the increase. How can they do this? I don’t even live in a flood zone or on the coast!!!!
State Farm couldn’t or wouldn’t explain this increase to me either. Seems funny most housing prices are going down but they claim the costs to rebuild have increased that much?
Something don’t add up here!!
Car Insurance Next….
I just got my mortgage bill and it went up 75.00 a month because my escrow was $1000.00 short.I figured it was a mistake and called my insurance agent and they raised my insurance from $1439. to $2488.and i have never turned in a claim but she said that north carolina raised it 50% ARE YOU NUTS.
No Brian, North Carolina only allowed a 7% increase. State Farm and some of the other major insurers raised our rate well above what the NC Insurance Board approved. In order for them to do that to you, you should have had to sign a lifetime waiver that enables the insurance companies to charge you whatever they want.
Or you could have done as I did, and as I hope many others will do as well, I dropped State Farm and went with USAA. My rates with USAA are half what State Farm wanted to charge.
You’re darn right! I’m dropping State Farm too. Whoops! Too late! I was going tomorrow tomorrow to sign up with another company, but State Farm sent me a letter today canceling my coverage because I didn’t send back their consent to 12% higher than NCRB rates 45 days prior to the end of my coverage. So much for being a 25 year customer without a claim! State Farm SUCKS!!! What a rotten company! I may have to paanother company twice the rate, but I would NEVER go back to State Farm!
THANK YOU JODY! We called and USAA has saved us about $400.00 with our car and two houses. Good bye State Farm after being with them since 89 and with only one house claim (roof) and good driving rate. They no longer wanted us.
I am very disappointed in State Farm. My homeowner’s insurance will be 14% higher than the NCRB rate – going from $616 to $702. I’ve been customer for 25 years and never had a claim. I will be searching for another carrier.
If you are a veteran check out USAA. Great rates and wonderful customer service.
Just received rate increase for renewal with SAFCO, 40%!! From $690 annually to $1220 at renewal in August!!! Called carrier to see if it was a clerical error…nope rep said that is correct. I told her not to waste the paper for a renewal, they can keep it at that cost!!
Just received a notice of a rate increase 25% above NC Rate Bureau rates. I just suggested WRAL consumer protection to investigate and alert consumers about this and am shopping around for a new policy.
Not sure what the article is talking about. Our increase is 22.5% this year on top of 10% in 2012. No response from our carrier – Erie, and we have not filed a claim in almost 20 years. Last one I recall was for Hugo damage and this might have been with another insurer.
Just received letter from Peerless Insurance that my homeowner’s insurance would increase 38.77%. How ridiculous is that??? Needless to say, I am shopping around for another company and so far have received quotes of at least 700$ lower per year.
I am a USAA customer and I do get great customer service but when you first switch your insurance to a new company, that company normally gives you an introductory offer to get you as a customer, After the first year then they hit you. USAA raised my rate 22%. I have never had any homeowner’s claims. Don’t forget they invest our premiums and make money off of that.
Auto-Owners North Carolina is trying to get me to sign to agree to a rate increase above the state mandated rate of North Carolina!! http://www.newsobserver.com/2013/01/19/2614192/insurers-asking-more-nc-homeowners.html
Julie, do not agree to a rate increase and get other quotes. Others such as Geico offer good rates if you have no accidents or tickets.
I think this home owners insurance hike is terrible . My house payment has increased $229.00 in four years because of rate hikes I think it would be much for the people who live in the people in the disaster area need to pay , they keep rebuilding ,we keep paying,I am retired and do not need to keep paying I feel for these people ,but leaving on a fixed income,another rate hike gets keeps on coming ,help save everyone.