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North Carolina Insurers Seek 24.5% Rate Hike for Homeowners

The North Carolina Rate Bureau has requested an average statewide rate increase of 24.5% on homeowners insurance rates in the state, according to a statement from the North Carolina Department of Insurance.

The NCRB is not part of the NCDOI but represents companies that write insurance policies in the state.

If approved, the rate increase would take effect August 2021.

Increased wind and hail losses in North Carolina stemming from damaging storms is one of the main drivers behind the requested increase, the department said.

NCDOI can either agree with the rates as filed or negotiate a settlement with the NCRB on a lower rate. If a settlement cannot be reached within 50 days, Commissioner Mike Causey will call for a hearing, NCDOI said. Two years ago, in December 2018, the NCRB requested a statewide average increase of 17.4%. However, NCRB settled with NCDOI for a statewide average rate increase of 4%.

A public comment period is required by law to give the public time to address the NCRB’s proposed rate increase.

NCDOI said there are four ways to provide comments:

• A public comment forum will be held to listen to public input on the Rate Bureau’s rate increase request at the N.C. Department of Insurance’s Second Floor Hearing room on Dec. 10 from 10 a.m. to 3 p.m. The Department of Insurance is located in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C. 27603. Proper COVID-19 safety protocols will be enforced.
• A virtual public comment forum will be held simultaneously with the in-person forum on Dec. 10 from 10 a.m. to 3 p.m.
• Emailed public comments should be sent by Dec. 10 to: 2020Homeowners@ncdoi.gov.
• Written public comments should be mailed to Abby Spann, Paralegal III, to be received by Dec. 10 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the N.C. Rate Bureau.

See proposed homeowners’ rate increases statewide by county.

Source: North Carolina Department of Insurance