The standard carriers got smart a few years ago and require both the home and auto. A few mono-line home carriers from Florida have come up and are starting to write new business here. Many carriers are using Consent to Rate which is where a company tries to charge more than the NC Rate Bureau rate. The insured must sign granting their consent to it. The form only needs to be signed once. Carriers can then charge anywhere from 1%-250% above bureau rate. The commissioner hates consent to rate but his ruling ensures that consent to rate is here to stay.
In a way it has helped us compete against some of the direct channels such as GEICO. It is much easier to have your home and auto together than have your auto with a direct market and have to find a carrier to take your home.
It is a mess though. Unfortunately I don’t see any reform happening with our current commissioner.
Writing home insurance …very competitive and with Ctr.. Only because ins companies are guaranteed , yes guaranteed by law, a profit in auto insurance. This commissioner does not have a clue, part of the reason nc was ranked 49 th in the U.S. for regulatory environment. It will get much worse in the homeowner insurance climate.
I’m curious. Are any companies writing new business in NC? Would appreciate a response from a NC agent.
Dan, sorry I just saw this. My company is writing new business in NC, and can put you in touch with numerous NC agents.
The standard carriers got smart a few years ago and require both the home and auto. A few mono-line home carriers from Florida have come up and are starting to write new business here. Many carriers are using Consent to Rate which is where a company tries to charge more than the NC Rate Bureau rate. The insured must sign granting their consent to it. The form only needs to be signed once. Carriers can then charge anywhere from 1%-250% above bureau rate. The commissioner hates consent to rate but his ruling ensures that consent to rate is here to stay.
In a way it has helped us compete against some of the direct channels such as GEICO. It is much easier to have your home and auto together than have your auto with a direct market and have to find a carrier to take your home.
It is a mess though. Unfortunately I don’t see any reform happening with our current commissioner.
Writing home insurance …very competitive and with Ctr.. Only because ins companies are guaranteed , yes guaranteed by law, a profit in auto insurance. This commissioner does not have a clue, part of the reason nc was ranked 49 th in the U.S. for regulatory environment. It will get much worse in the homeowner insurance climate.