This isn’t State Farm, agent. This is the NC Rate Bureau, which is composed of all companies in the state of NC. And this is long overdue as most companies are going over the bureau rate more often than not anymore as the last commissioner made it a political game.
As a capitalist myself, I don’t believe the government should tell companies what to charge. Competition will keep the rates lower.
If the Rate Bureau is run by the insurance companies and if the companies have the commissioner approve the rate increase then I fail to see how “competition” will keep the rates lower. Looks like the rates will be + 18.7% without any competition.
Is there underlying data available to review that would justify this rate increase? Have there been losses that exceed the companies reserves. There is no rational way to comment on any number (percent increase) without seeing and understanding the numbers. Thx, JO
I do not support the rate filing increase. I believe all consent to rate form data should be provided by the insurance companies and reviewed by DOI prior to any rate increase consideration. Additionally, it is my understanding that all NC20 premiums collected since 2014 have far exceeded claims. I cannot see any justification for any rate increases and believe the onus should be on the companies to show cause for an increase that considered premiums paid versus claims and all consent to rate data.
I believe honest people should not be penalized with higher insurance rates because of homeowners who don’t get insurance because they know they will be taken care of anyway through state aid. I am on a fixed income and cannot afford to contribute to their welfare. Please have some regard for my situation. I will be 79yrs old and have payed for insurance all of my life. That is the way it was but not anymore.
I believe honest people should not be penalized with higher insurance rates. Some homeowners don’t buy insurance because they know they will be taken care of anyway. I am on a fixed income and I cannot afford to contribute to their welfare. Please have some regard for my situation and many others. I am going to be 79yrs old and have bought insurance most of my life. Give us old people a break. We paid our dues.
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They always ask for much more on the increase hoping they will get a smaller one after the negotiations. Typical tactic from State Farm.
This isn’t State Farm, agent. This is the NC Rate Bureau, which is composed of all companies in the state of NC. And this is long overdue as most companies are going over the bureau rate more often than not anymore as the last commissioner made it a political game.
As a capitalist myself, I don’t believe the government should tell companies what to charge. Competition will keep the rates lower.
If the Rate Bureau is run by the insurance companies and if the companies have the commissioner approve the rate increase then I fail to see how “competition” will keep the rates lower. Looks like the rates will be + 18.7% without any competition.
Ever hear of consent to rate form? NC doesn’t need an Insurance Commissioner.
Is there underlying data available to review that would justify this rate increase? Have there been losses that exceed the companies reserves. There is no rational way to comment on any number (percent increase) without seeing and understanding the numbers. Thx, JO
I do not support the rate filing increase. I believe all consent to rate form data should be provided by the insurance companies and reviewed by DOI prior to any rate increase consideration. Additionally, it is my understanding that all NC20 premiums collected since 2014 have far exceeded claims. I cannot see any justification for any rate increases and believe the onus should be on the companies to show cause for an increase that considered premiums paid versus claims and all consent to rate data.
I believe honest people should not be penalized with higher insurance rates because of homeowners who don’t get insurance because they know they will be taken care of anyway through state aid. I am on a fixed income and cannot afford to contribute to their welfare. Please have some regard for my situation. I will be 79yrs old and have payed for insurance all of my life. That is the way it was but not anymore.
I believe honest people should not be penalized with higher insurance rates. Some homeowners don’t buy insurance because they know they will be taken care of anyway. I am on a fixed income and I cannot afford to contribute to their welfare. Please have some regard for my situation and many others. I am going to be 79yrs old and have bought insurance most of my life. Give us old people a break. We paid our dues.