Insurance companies seek rate increases in NC

RALEIGH, NC (AP) -- Insurance companies are seeking rate increases for basic policies on residential property in North Carolina. The News & Observer reported Wednesday the companies are seeking increases ranging from about 7 percent to up to 25 percent near the coast.

The dwelling policies cover residential properties of up to four units that don't qualify for a standard homeowners' policy. The policies cover damage from fire and wind, while standard homeowners' policies also cover theft and liability. About 570,000 properties are covered by dwelling policies in North Carolina.

The average increase is nearly 21 percent. State Insurance Commissioner Wayne Goodwin would have to approve the increases.

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Information from: The News & Observer, http://www.newsobserver.com

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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Insurance companies are not happy unless they suck you dry for coverage, then when it comes time to recover from damage they find ways to avoid payment. The entire industry is crooked. Medical insurance is ridiculously high. Car insurance for what you get is worthless to the consumer. I have no traffic tickets, no accidents but still pay over 100 monthly for car insurance. My cars are 03 and 00, not new or expensive. AIG and their insane bonuses to the top brass is where your insurance money goes, not to taking care of a loss. Not for profit Blue Cross pays its CEO over a million a year, so much for non profit. Hopefully the insurance commissioneer will deny the increase or he can go just like the demos did in November.

Although any increase is not welcomed, if you read the article it says dwelling policies, which is different from a homeowners policy. The dwelling policies are typically for secondary residences and residences that may not qualify from a true homeowners such as older mobilehomes, or older homes that may have not had electrical updates. Just a few examples.

rate increase...The "Insurance Commissioner", who is SUPPOSED to look out for citizens of this state...IS A JOKE! He has allowed the companies to raise rates MULTIPLE times in the last few years as well as letting us get slapped with Hurricane Deductibles which is STEALING! They got around a 20% increase from me for TWO YEARS...THEN...when I need my policy the MOST...I have this stupid 3% hurricane deductible...which is TWICE my deductible...NOW..I could go along with the deductible..IF it was 3% of the DAMAGE or my deductible, whichever is HIGHER...but the hurricane deductibles are 3% of the HOMES WORTH...not the damage...A FLIPPING SCAM!!! I HATE INSURANCE COMPANIES! I tell you what..I used to NEVER turn stuff in to my insurance company...I TURN IN EVERY FLIPPING THING NOW! SCREW EM!

Fact 1: The Insurance Commissioner, Wayne Goodwin (or is it Godwin??), was elected in 2008. You are referencing some actions apparently taken by his predecessor and, to the best of my knowledge, the courts and the legislature have upheld insurance Commisioner decisions made about coastal and beach insurance.

Fact 2: The NC lawmakers - the General Assembly - set in statute the deductibles regarding coastal and beach insurance, through the "Beach Plan," not the Insurance Commissioner.

Fact 3: Our Commissioner of Insurance - that Goodwin or Godwin fella - according to websites and quick research I've done - has cut insurance rates on automobile, work comp, and other types of insurance such that we've either had reductions or refunds (both, I believe) totalling more than Eight Hundred million dollars. That's a lot of moolah! It might even be a billion dollars by now for folks statewide, including us here in New Hanover. Whether you realize it or not, you've received savings from this guy's hard work. And though I don't agree with him on everything, keep in mind he is limited by State and federal laws. No matter what, because of The Insurance Commish, we've got the lowest automobile insurance rates in the south and some of the lowest in the country, etc etc. We've also got homeowners insurance rates better than most southern coastal states, if my quick Googling is accurate.

Fact 4: The current Commissioner has not approved any rate increases on homeowners during his term.

Doing that will most likely cause your insurance company to cancel your coverage. Think your premiums are high now...wait until you're cancelled due to excessive claims...fool!

LUCKILY for me...mine cannot be canceled...FOOL

every policy has some provisions which allow the Insurance Company to cancel or non-renew. No insurance company is so stupid they would issue a policy which can never be cancelled.

Let your payment be a day late -- cancelled.

Have a dog that bites -- non-renewed.

Thoas are just 2 examples.

You ought to go and read all the fine print in your polcy.

Homeowners went up 25% already for 2010/2011. Please, Mr. Goodwin, make the insurance companies show how they could even think they deserve this kind of hike. They had record profits AGAIN last year, as the year before, and the rates keep going up, up, up. With less coverage I might add. This economy is already kicking our butts.
This is just going to lead to more families out on the streets and home foreclosures. Enough is enough. Please stop them!!

Another increase? I have never had a claim and my insurance has went from 300 a year to 1700 a year in just 5 years. Enough is enough. Insurance companies are out of control and need to be told NO!

Kaye,

I couldn't agree with you more. They are becoming GREEDY just like the banks that caused the economic debacle in the first place!

ALL OF AMERICA HAS BECOME SO GREEDY WE ARE NOW THE LAUGHING STOCK OF THE WORLD.....THANKS GOP

GOP? REALLY....it would be nice if liberals would look at FACTS instead of taking talking points from websites....look at the WASTEFUL spending the last four years....the last two have been HORRIBLE