As long as this state permits an elected official to set insurance rates based on his interpretation of data, rates will always remain low. Holding public hearings about the rate increases is folley. Who wants their homeowners rates to increase 25 percent? I can only imagine that the comments have been heavily against. The insurance commissioner(s)in this state have been negligent in protecting the consumer by artifically keeping homeowners rates low. The rate bureau general manager sums it up best, denial of the data has resulted in inadequate rates. If you look behind the curtain and smoke and mirrors, you will see a homeowners market in peril.
Rick Kepler makes some good comments. I can no longer sit idle and continue to watch our homeowners get taken advantage of. If the filing is not approved, the companies can use consent to rate to get the same rate and more and we have done nothing to prevent it. It is a fluid matter, but we need a new commissioner.
I received the “consent” form yesterday. I wish my insurance was going up 25%. Mine is going up a 100%. I thought I could retire this year but this increase will make that impossible. I will have to work until I am in the ground. What can be done to stop this?
Here in Wake county my insurance went up 31% in 2011, 19% in 2012, 12% in 2013 and 10% in 2014. The value of the house is still less than it was in 2010 and I get an annual notice of what is no longer covered. Seriously think of paying off the mortgage and dropping the insurance.
I think the insurance system has to be regulated, but is not currently being correctly regulated. I am not an expert or a scholar, but I know when I am being taken advantage of. Insurance pays every thing but claims. Harnett County in NC is a safe place to live, My house isn’t appreciating but my insurance continues to grow, I would have been better off living in a single wide mobile home as I now pay near as much in insurance premiums on a 150k house as I did in rent on my first place. What a corrupt system, we need to vote the insurance commish out and find someone with some spine and enough testicular fortitude to make the right decisions and protect the government salary paying taxpayers that are trying to keep our heads above the water.
As long as this state permits an elected official to set insurance rates based on his interpretation of data, rates will always remain low. Holding public hearings about the rate increases is folley. Who wants their homeowners rates to increase 25 percent? I can only imagine that the comments have been heavily against. The insurance commissioner(s)in this state have been negligent in protecting the consumer by artifically keeping homeowners rates low. The rate bureau general manager sums it up best, denial of the data has resulted in inadequate rates. If you look behind the curtain and smoke and mirrors, you will see a homeowners market in peril.
Rick Kepler makes some good comments. I can no longer sit idle and continue to watch our homeowners get taken advantage of. If the filing is not approved, the companies can use consent to rate to get the same rate and more and we have done nothing to prevent it. It is a fluid matter, but we need a new commissioner.
I received the “consent” form yesterday. I wish my insurance was going up 25%. Mine is going up a 100%. I thought I could retire this year but this increase will make that impossible. I will have to work until I am in the ground. What can be done to stop this?
Here in Wake county my insurance went up 31% in 2011, 19% in 2012, 12% in 2013 and 10% in 2014. The value of the house is still less than it was in 2010 and I get an annual notice of what is no longer covered. Seriously think of paying off the mortgage and dropping the insurance.
I think the insurance system has to be regulated, but is not currently being correctly regulated. I am not an expert or a scholar, but I know when I am being taken advantage of. Insurance pays every thing but claims. Harnett County in NC is a safe place to live, My house isn’t appreciating but my insurance continues to grow, I would have been better off living in a single wide mobile home as I now pay near as much in insurance premiums on a 150k house as I did in rent on my first place. What a corrupt system, we need to vote the insurance commish out and find someone with some spine and enough testicular fortitude to make the right decisions and protect the government salary paying taxpayers that are trying to keep our heads above the water.