Submit Your Comments to the NC Department of Insurance by the end of today!
The NC Rate Bureau, the entity representing NC insurance companies, has filed for ANOTHER significant rate increase (39.6%) for dwelling insurance policies that cover wind damages to second homes and vacation rental units. This requested increase is different and separate from a previously requested 25% - 40% increase for homeowners and condominium unit owners insurance that was requested by the Rate Bureau in late 2017, was initially denied by NC Insurance Commissioner Causey, and will be subject to further negotiations later in 2018.
ACTION on the new requested rate increase for second homes and vacation rental units is required TODAY, as the deadline for comments is at the end of business today (March 23). Please take a quick moment to cut and paste the comment below, and email it to: 2018DwellingandFire@ncdoi.gov .
Dear Commissioner Causey:
I am writing to you as a property owner in Emerald Isle to request that you completely reject the requested 39.6% increase in wind premiums for dwellings in Territory #120, and that you also work toward a fairer rate structure for wind insurance in coastal North Carolina.
Dwelling policy holders in Emerald Isle and other coastal areas already pay unreasonably high premiums for wind insurance, and the requested 39.6% increase for our area will further increase the disparity between the coastal region and other areas of North Carolina. The requested increase will place additional economic burdens on us, and will harm the coastal tourism economy that is vital to our Town, region, and the entire State of North Carolina.
We greatly appreciate your consideration of our concerns, and again request that the NC Department of Insurance undertake serious efforts to develop a fairer rate structure for wind insurance in coastal North Carolina.
Thank you for your concern and attention to this issue.
To learn more, and to review a copy of the NC Rate Bureau filing, please visit http://www.ncdoi.com/media/news2/year/2018/020818a.asp .