RALEIGH – Homeowners in the state might want to prepare for a nearly 20 percent increase in their homeowners’ insurance rates as the North Carolina Rate Bureau has requested an increase in those rates.
The bureau is seeking a 17.4 percent increase in rates from the N.C. Department of Insurance effective Oct. 1, 2019. The N.C. Rate Bureau represents the state’s insurance companies and is a separate entity from the N.C. Department of Insurance. The Rate Bureau attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance.
Last year, the Rate Bureau requested an 18.9 percent increase in homeowners’ insurance rates, but Insurance Commissioner Mike Causey settled, instead, on an average 4.8 percent increase.
A public comment period is required by law to give the public time to address the Rate Bureau’s proposed rate increase. There are three ways to provide comment:
- 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 February 26, 2019, starting at 10 a.m. until 4:30 p.m. The Department of Insurance is located in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C.
- Emailed public comments should be sent by February 26, 2019, to: 2018Homeowners@ncdoi.gov.
- Written public comments should be mailed to Tricia Ford, Paralegal Administrator to be received by February 26, 2019, and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All public comments will be shared with the N.C. Rate Bureau. If Department of Insurance officials do not agree with the requested rates, they will either be denied or negotiated with the N.C. Rate Bureau. If a settlement cannot be reached, a hearing will be called within 50 days.