Tuesday, November 10, 2020

Insurance companies request rate increase for homeowners

RALEIGH
Nov 10, 2020

Insurance Commissioner Mike Causey announced today the North Carolina Rate Bureau has requested a 24.5% statewide average increase in homeowners' insurance rates to take effect August 2021. The NCRB is not part of the N.C. Department of Insurance but represents companies that write insurance policies in the state.

The Department 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, the Commissioner will call for a hearing.

Two years ago, in December 2018, the NCRB requested a statewide average increase of 17.4%.  However, Commissioner Causey negotiated a rate 13.4 percentage points lower and settled with a statewide average rate increase of 4.0%

One of the drivers behind this requested increase is that North Carolina has experienced increased wind and hail losses stemming from damaging storms.

A public comment period is required by law to give the public time to address the Rate Bureau’s proposed rate increase.  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.  The link to this virtual forum will be: https://ncgov.webex.com/ncgov/j.php?MTID=m28717b65acc9281b45e4c7bd66151e39
  • 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. 

To see a specific table of proposed homeowners’ rate increases across the state, please click here.

 

 

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