The North Carolina Rate Bureau (NCRB) has requested a 17.4 percent increase in homeowners’ insurance rates from the North Carolina Department of Insurance, effective Oct. 1, 2019.
According to the NCDOI, the NCRB attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance. NCRB represents the state’s insurance companies and is a separate entity from the NCDOI.
If NCDOI officials do not agree with the requested rates, they will either be denied or negotiated with NCRB. If a settlement cannot be reached, a hearing will be called within 50 days.
Last year, NCRB requested an 18.9 percent increase in homeowners’ insurance rates, but Insurance Commissioner Mike Causey settled, instead, on an average 4.8 percent increase.
A public comment period is required by law to give the public time to address the Rate Bureau’s proposed rate increase. There are three ways to provide comment:
- A public comment forum will be held to listen to public input on the Rate Bureau’s rate increase request at the NCDOI’s Second Floor Hearing room on Feb. 26, 2019 starting at 10 a.m. until 4:30 p.m.
- Emailed public comments should be sent by Feb. 26, 2019, to: 2018Homeowners@ncdoi.gov.
- Written public comments should be mailed to Tricia Ford, Paralegal Administrator to be received by Feb. 26, 2019, and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All public comments will be shared with the N.C. Rate Bureau.
Source: North Carolina Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.