Substantial Rate Increase For Coastal Homeowners Is Possible

Substantial Rate Increase For Coastal Homeowners Is Possible

Substantial Rate Increase for Coastal Homeowners Is Possible

On November 17, 2017 the North Carolina Rate Bureau, which represents the industry, asked the insurance commissioner for an average 18.7% hike in homeowners insurance premiums statewide, with increases as high as 25% for coastal areas.  Dare and Currituck Counties could see the 25% increase. The Insurance Rate increase impacts year-round homeowners, condo owners and renters!

Insurance Commissioner Mike Causey said in a statement on January 5, 2018 that “we are not in agreement with the Rate Bureau’s proposed increases filed Nov. 17, 2017.” After hearing and reading more than 9,000 comments from residents across the state and studying the figures in the filing, Mr. Causey decided to hold a hearing to reach a resolution. The hearing will take place in Raleigh NC on July 23, 2018.  

After a lengthy rate filing hearing in 2014 the Department of Insurance found that rates in eastern NC were excessive and ordered a rate decrease of up to 18%. How is it thatwithin 3 years, the NC Rate Bureau’s filing indicates the need for a rate increase which could be as high as 25% in eastern NC? And by the way, in 2012, a request for a 17.1% increase was reduced to 7%, which took effect in 2013.  Some reasonable rate may be justified based on inflation and cost factors but what they are asking for is excessive and unfairly discriminatory.

The complete proposal can be found on the NC Department of Insurance website http://www.ncdoi.com/PC/Default.aspx. At 2,135 pages in six sections it is a tough read. To voice your opinion on this proposal email  2017HomeInsurance@ncdoi.gov.

Keep following the Weichert Realtors®, At The Beach blog, and like me on my Facebook page @obxharbourbreezes, as I update my followers on this important ruling.


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Phone: 252-489-0982
Dated: January 10th 2018
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About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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