The N.C. Department of Insurance has settled its legal dispute with the N.C. Rate Bureau over mobile homeowners’ insurance rates, saving policyholders millions of dollars in premiums compared to what had been proposed by the insurance industry.
North Carolina Insurance Commissioner Mike Causey has postponed the hearing for the insurance industry’s proposed statewide average 24.5% homeowners’ insurance rate increase to Jan. 3, 2022. The hearing had been scheduled for Monday, Nov. 1.
The hearing will begin at 10 a.m. in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
The hearing scheduled for the insurance industry’s proposed statewide average 24.5% homeowners’ insurance rate increase has been extended six weeks from Sept. 20 to Nov.1. Insurance Commissioner Mike Causey says he needs the additional time to review the documents filed by the North Carolina Rate Bureau.
The N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposed 18.7% dwelling insurance rate increase, averting a potentially costly administrative battle with insurance companies. This means the hearing scheduled for Jan. 18, 2022 is canceled.
The North Carolina Rate Bureau has filed a request with the N.C. Department of Insurance to increase insurance rates for mobile home policies.
The NCRB, which represents insurance companies and is not a part of the N.C. Department of Insurance, has requested an overall statewide average of 24.9% increase for MH-F (Fire) policies and an overall statewide average of 11.3% increase for MH-C (Casualty) policies. Both MH-F and MH-C programs provide property and liability coverage.
North Carolina Insurance Commissioner Mike Causey has set Jan. 18, 2022, as the hearing date for the North Carolina Rate Bureau’s proposed 18.7% dwelling insurance rate increase.
“We are not in agreement with the Rate Bureau’s proposed increase filed in December,” Commissioner Causey said. “I want to make sure that the process is transparent and that consumers’ interests are protected while making sure our insurance companies remain healthy so they can pay claims.”
North Carolina Insurance Commissioner Mike Causey has set Sept. 20, 2021, as the hearing date for the North Carolina Rate Bureau’s proposed 24.5% homeowners’ insurance rate increase.
“The data in the filing has not convinced me that such a drastic increase is necessary,” said Commissioner Causey. “My goal is to find a rate that will make financial sense for our residents and keep our insurance companies healthy enough to pay claims.”
The hearing will begin at 10 a.m. in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
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.
North Carolina Insurance Commissioner Mike Causey is working with insurance companies so they can provide financial assistance to consumers during the COVID-19 health emergency. Many automobile insurers are announcing rebates and discounts due to the “Stay at Home” order, but, by law, rebates are not allowed in North Carolina and discounts must be filed in advance with the Department for approval. As an alternative, the Commissioner has developed a filing mechanism that will quickly allow companies to legally offer discounts to help their policyholders.
Insurance Commissioner Mike Causey today announced that the North Carolina Rate Bureau has filed notice with the NC Department of Insurance asking for a statewide average increase in homeowners insurance rates of 18.7 percent for 2018. The NC Rate Bureau represents the homeowners insurance companies in the state in asking for this increase.
