Insurance companies request 24.5% increase for NC homeowners

0
Houses (Photo: Pixabay)

RALEIGH, NC (WWAY) — Insurance companies are requesting a rate increase for homeowners in North Carolina starting in August 2021.

North Carolina Insurance Commissioner Mike Causey said Tuesday that the North Carolina Rate Bureau has requested a 24.5 percent statewide average increase in homeowners’ insurance rates. The NCRB is not a part of the state’s Department of Insurance, but it represents companies that write policies in the state.

- Advertisement -

Officials said the department can either agree with the filed rates or negotiate a settlement on a lower rate. Causey said Tuesday that if a settlement cannot be reached within 50 days, he will call for a hearing.

He added that in December of 2018, the NCRB requested an average increase of 17.4 percent, but it was negotiated to 4 percent. According to the Department of Insurance, one of the drivers behind the request is that the state has experienced more wind and hail losses due to storms.

A public comment period is required by law, officials said, and comment can be provided in the following ways:

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. The link to this virtual forum will be here.

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.

Officials add that public comments will be shared with the NCRB.

See a specific table of proposed homeowners’ rate increases across the state here.