Good luck finding Homeowners Insurance in NC. Your state is going down the same path regulators took here in Florida after Hurricane Andrew. Back then the Insurance commissioner turned down repeated requests for rate increases from carriers. The result were companies non-renewing and leaving the state.
The commissioner says he doesn’t like consent to rate. His actions guaranteed that consent to rate is here to stay for the foreseeable future. I don’t think carriers are going to react well to this. Sadly, I think there are only 2 things that could fix the mess that is the NC property insurance market. 1. Elect an insurance commissioner that knows and understands insurance, isn’t a career politician and will do what is needed to fix this mess. 2. A top 5 carrier pulls out of the state. This would force the commissioner to do something.
I bet you will see very little reaction from the companies. Most of the Florida domiciled companies that have branched into N.C. believe they can get the same massive increases that they are used to in Florida. Now that they are forced to lower rates in Florida because there are so many companies fighting for the same customers they have to make the money some where else. Someone needs to dig into the back door of these companies and see where the bleeding is occurring. They are not broke, they shove it out the back door of the MGA and “processing providers” faster than it comes in the front.
This decision was made so Goodwin can get re-elected for a long time. He made this rate hike very public and made it look like he is standing up for the consumer. Great for his political career but it doesnt do much to help the consumer because they still allow companys to charge more as long as a customer signs a consent to rate form.
Let the non renewals begin.
Good luck finding Homeowners Insurance in NC. Your state is going down the same path regulators took here in Florida after Hurricane Andrew. Back then the Insurance commissioner turned down repeated requests for rate increases from carriers. The result were companies non-renewing and leaving the state.
One word: unfrigginbelieveable. Anyone for Insurance Commissioner?
The commissioner says he doesn’t like consent to rate. His actions guaranteed that consent to rate is here to stay for the foreseeable future. I don’t think carriers are going to react well to this. Sadly, I think there are only 2 things that could fix the mess that is the NC property insurance market. 1. Elect an insurance commissioner that knows and understands insurance, isn’t a career politician and will do what is needed to fix this mess. 2. A top 5 carrier pulls out of the state. This would force the commissioner to do something.
I bet you will see very little reaction from the companies. Most of the Florida domiciled companies that have branched into N.C. believe they can get the same massive increases that they are used to in Florida. Now that they are forced to lower rates in Florida because there are so many companies fighting for the same customers they have to make the money some where else. Someone needs to dig into the back door of these companies and see where the bleeding is occurring. They are not broke, they shove it out the back door of the MGA and “processing providers” faster than it comes in the front.
This decision was made so Goodwin can get re-elected for a long time. He made this rate hike very public and made it look like he is standing up for the consumer. Great for his political career but it doesnt do much to help the consumer because they still allow companys to charge more as long as a customer signs a consent to rate form.