North Carolina Rate Bureau seeks ANOTHER Proposed Homeowners Insurance Rate Increase

 

Submit Your Comments to the NC Department of Insurance by February 26, 2019

The Town of Emerald Isle has just been made aware that the N.C. Rate Bureau, which represents insurance companies, is seeking yet another significant rate increase for homeowners’ insurance.  The proposed increase will affect homeowners, tenants and condo owners to varying degrees with a major increase in premiums paid for property coverage.  This proposed increase follows on the heels of a significant rate increase requested last year.  If approved, the impact of the new request on Emerald Isle and other coastal areas would be an average increase of up to 30 % under the proposal.   The following link contains background information published by the Town of Emerald Isle last year on the history of insurance rate requests and increases. https://www.emeraldisle-nc.org/another-proposed-homeowners-insurance-rate-increase-submit-your-comments-to-the-nc-department-of-insurance-by-december-29

N.C. Insurance Commissioner Mike Causey has issued a statement in which he has disagreed with the proposal and has announced the scheduling of a public hearing on the request for September 4, 2019 unless a settlement is reached before that time.  Citizens and property owners are encouraged to contact the N.C. Department of Insurance to indicate your opposition to the requested increase as soon as possible and preferably before the upcoming February 26th public forum. 

There are three ways to submit public comment on the NC Rate Bureau’s request for an increase in homeowners insurance:

  • A Public Comment forum will be held from 10 a.m. to 4:30 p.m. Feb. 26 at the N.C. Department of Insurance’s Second Floor Hearing Room in the Albemarle Building, located at 325 N. Salisbury St. in Raleigh.
  • Email public comments to 2018Homeowners@ncdoi.gov
  • Mail comments to Tricia Ford, paralegal administrator, to 1201 Mail Service Center, Raleigh, N.C. 27699-1201

As this request goes through the process of its review and consideration by the N. C. Department of Insurance, the Town will try to keep citizens updated on its status.  Citizens are encouraged to respond.  These efforts can be productive as evidenced by the major reduction in the increase that was actually approved and put into effect a year ago.

Posted by Rhonda Ferebee Wednesday, February 20, 2019 4:13:00 PM Categories: News