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North Carolina Homeowners Face Potential 42.2% Insurance Rate Hike; Public Comments Invited
7 hrs ago
Insurance Commissioner Mike Causey announced a rate filing by the North Carolina Rate Bureau (NCRB) with the state's Department of Insurance. The filing requests a 42.2% average increase in homeowners’ insurance rates, effective from August 1, 2024. This follows a November 2020 filing where the NCRB requested a 24.5% increase, which resulted in a 7.9% average rate increase.
The NCRB, separate from the Department of Insurance, represents companies that write insurance policies in the state. The proposed rate increase is now open for public comment, as mandated by law. The public can express their views in four ways.
A public comment forum will take place at the Department of Insurance’s Jim Long Hearing Room on January 22, 2024, from 10 a.m. to 4:30 p.m. The room is located in the Albemarle Building, Raleigh. A virtual forum will also be held at the same time for those unable to attend in person. Public comments can be emailed by February 2, 2024, to NCDOI.2024Homeowners@ncdoi.gov.
Written comments should be sent to Kimberly W. Pearce, Paralegal III, by February 2, 2024, at 1201 Mail Service Center, Raleigh. All comments will be shared with the NCRB. If the Department of Insurance officials disagree with the requested rates, they will either be denied or negotiated with the NCRB. If no agreement is reached within 50 days, a hearing will be called by the Commissioner.
North Carolina Homeowners Face Potential 42.2% Insurance Rate Hike; Public Comments Invited
7 hrs ago
Insurance Commissioner Mike Causey announced a rate filing by the North Carolina Rate Bureau (NCRB) with the state's Department of Insurance. The filing requests a 42.2% average increase in homeowners’ insurance rates, effective from August 1, 2024. This follows a November 2020 filing where the NCRB requested a 24.5% increase, which resulted in a 7.9% average rate increase.
The NCRB, separate from the Department of Insurance, represents companies that write insurance policies in the state. The proposed rate increase is now open for public comment, as mandated by law. The public can express their views in four ways.
A public comment forum will take place at the Department of Insurance’s Jim Long Hearing Room on January 22, 2024, from 10 a.m. to 4:30 p.m. The room is located in the Albemarle Building, Raleigh. A virtual forum will also be held at the same time for those unable to attend in person. Public comments can be emailed by February 2, 2024, to NCDOI.2024Homeowners@ncdoi.gov.
Written comments should be sent to Kimberly W. Pearce, Paralegal III, by February 2, 2024, at 1201 Mail Service Center, Raleigh. All comments will be shared with the NCRB. If the Department of Insurance officials disagree with the requested rates, they will either be denied or negotiated with the NCRB. If no agreement is reached within 50 days, a hearing will be called by the Commissioner.
"Face Potential"
I put potential in the same box with if, maybe, might, could, etc.
With the increased cost of replacing homes in total losses due to rising construction costs, hurricane threats, and the number of people that essentially finance their roof replacements via hail claims, it isn't really a surprise they are pursuing some sort of increase which will probably be approved in some form (probably negotiated to a lower amount).
With the increased cost of replacing homes in total losses due to rising construction costs, hurricane threats, and the number of people that essentially finance their roof replacements via hail claims, it isn't really a surprise they are pursuing some sort of increase which will probably be approved in some form (probably negotiated to a lower amount).
You are absolutely correct, despite the terms: maybe, potential, etc. This is usually the precursor of a rate hike. They ask for the moon and settle for something more earthy.
With all that said, I'm currently trying to envision any insurance agent I know living in a home that isn't twice as nice as mine, or driving a car that isn't on the luxury listing of Car and Driver.
You are absolutely correct, despite the terms: maybe, potential, etc. This is usually the precursor of a rate hike. They ask for the moon and settle for something more earthy.
With all that said, I'm currently trying to envision any insurance agent I know living in a home that isn't twice as nice as mine, or driving a car that isn't on the luxury listing of Car and Driver.
"I'm currently trying to envision any insurance agent I know living in a home that isn't twice as nice as mine, or driving a car that isn't on the luxury listing of Car and Driver"
NONE of my agents in my 50 some years of being involved with getting insurance for my houses and cars fits your make believe claim.
"I'm currently trying to envision any insurance agent I know living in a home that isn't twice as nice as mine, or driving a car that isn't on the luxury listing of Car and Driver"
NONE of my agents in my 50 some years of being involved with getting insurance for my houses and cars fits your make believe claim.
I smell a HEAP of jealousy!
Then get your sniffer readjusted, too much covid residuals changes the olfactory results.
I wasn't making a factual statement, but a personal observation. Your results may differ.
Then get your sniffer readjusted, too much covid residuals changes the olfactory results.
I wasn't making a factual statement, but a personal observation. Your results may differ.
"Then get your sniffer readjusted, too much covid residuals changes the olfactory results."
As usual you make assumptions based on your own bias.
They can go ahead and increase the rates of coastal properties, not everyone inland NC. These insurance companies are taking the profit to another level and will potentially ruin the ability to get homeowner's insurance for many in NC.
I know next to diddly about underwriting or actuarial tables but I certainly hope that various risk types are not lumped together and I hope our elected representatives keep their eyes on this.
I purposely chose to build a home in Statesville because of the risk profile. I would have loved to be on the coast but, for our family, we felt that the likelihood/frequency of severe weather events and possible loss of life or property just did not fall within our comfort levels. I should not have to pay more to subsidize those who accept that risk.
We looked at flood maps, wildfire risk, all sorts of parameters and the north end of LKN works for us, we assume the risk associated with that but not the risk for those with oceanfront properties.
I know next to diddly about underwriting or actuarial tables but I certainly hope that various risk types are not lumped together and I hope our elected representatives keep their eyes on this.
I purposely chose to build a home in Statesville because of the risk profile. I would have loved to be on the coast but, for our family, we felt that the likelihood/frequency of severe weather events and possible loss of life or property just did not fall within our comfort levels. I should not have to pay more to subsidize those who accept that risk.
We looked at flood maps, wildfire risk, all sorts of parameters and the north end of LKN works for us, we assume the risk associated with that but not the risk for those with oceanfront properties.
"The stiffest price hikes are on the coast. The Rate Bureau wants a 99.4% increase for homeowners along the beach in Brunswick, Carteret, New Hanover, Onslow and Pender counties.
The bureau wants a 71.4% increase for coastal areas of Brunswick, Carteret, New Hanover, Onslow and Pender counties.
The lowest requested increase is for Haywood, Madison, Swain and Transylvania counties, in western North Carolina, where the bureau asked for a 4.3% increase.
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