North Carolina Insurers Request 18.7% Increase for Homeowners Insurance
The North Carolina Rate Bureau has filed notice with the N.C. Department of Insurance to request a statewide average increase in homeowners insurance rates of 18.7 percent for 2018, according to Insurance Commissioner Mike Causey. The N.C. Rate Bureau represents the homeowners insurance companies in the state in asking for this increase.
NCDOI said the rate filing is the first homeowners insurance rate increase request received from the Rate Bureau since 2014. That filing resulted in the first homeowners insurance hearing in over 20 years with the Insurance Commissioner deciding on a “no change” decision on behalf of policyholders.
The last time a homeowners insurance rate increase request from the Rate Bureau resulted in higher rates for homeowners was in 2012. The Rate Bureau asked for a 17.7 percent increase, then after negotiation, settled at an overall statewide average of 7 percent.
NCDOI said a public comment period, required by law, is now open to give the public time to address the Rate Bureau’s proposed rate increase. Public comments will be accepted via email at 2017HomeInsurance@ncdoi.gov through Dec. 29. A public comment forum will also be held at the N.C. Department of Insurance from 10 a.m. to 4:30 p.m. on Dec. 12, 2017. Written public comments should be mailed to Tricia Ford to be received by Dec. 29, 2017 and addressed to: 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All public comments will also be shared with the N.C. Rate Bureau. If NCDOI officials do not agree with the requested rates, they will be negotiated with the N.C. Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.
Settlements have been reached on rate filings in the past, but if the case goes to a hearing, the hearing officer will rule on rates and any appeal would go through the court system. The rates set in these cases represent the highest amount allowable for all companies to charge.