For Immediate Release: January 3, 2014
Insurance Companies Request Rate Hike for Homeowners Policies
Public Comment period runs from Jan. 3 through Jan. 31
RALEIGH -- The North Carolina Department of Insurance received a homeowners insurance rate filing from the N.C. Rate Bureau in the late afternoon of Friday, Jan. 3. The N.C. Rate Bureau, which is not part of the Department of Insurance and represents all companies writing homeowners insurance in the state, has requested a statewide average rate increase of 25.3 percent, varying by territory, with a requested effective date of Aug. 1, 2014.
The requested rate changes range from -2.7 percent to +35 percent. The insurance companies have also requested revisions to the current geographic rating territories.
The filing will be reviewed by Department of Insurance experts to determine what, if any, rate adjustments are warranted. If NCDOI and the N.C. Rate Bureau do not initially agree on the proposed rate changes, Insurance Commissioner Wayne Goodwin will call for a public hearing in which both parties would present their cases for or against rate adjustments.
The filing is available for public review on the Department of Insurance website. To view the entire filing, go to http://pserff.ncdoi.net/pc.html and enter the Serff Tracking Number NCRI-129361028.
Opportunity for Public Comment
For people who would like to weigh in on the rate requests in person, there will be a public comment session on Friday, Jan. 24, 9:30 a.m. to 4 p.m. in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St., Raleigh.
Written public comments will be accepted from Jan. 3 through Jan. 31. Written comments should be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or emailed to firstname.lastname@example.org.