RALEIGH — State Insurance Commissioner Mike Causey has announced that the N.C. Rate Bureau has requested a 24.5% statewide average increase in homeowners' insurance rates to take effect in August 2021.
One of the reasons for the increase is that North Carolina has experienced increased wind and hail losses from damaging storms.
The bureau is not a part of the N.C. Department of Insurance, but represents companies that write insurance policies in the state. The department can either agree with the increase request as filed or negotiate a settlement with the bureau for a lower rate. If a settlement cannot be reached within 50 days, Causey will call for a hearing.
Two years ago, the bureau requested a statewide average increase of 17.4%. Causey negotiated a statewide average rate increase of 4%.
A comment period is required by law to give the public time to address the bureau’s proposed increase. There are four ways to comment:
- A public comment forum will be held from 10 a.m. to 3 p.m. Thursday, Dec. 10, at the second floor hearing room of the Insurance Department at 325 N. Salisbury St., Raleigh. COVID-19 safety protocols will be enforced.
- A virtual public comment forum will be held simultaneously. The link for the virtual forum is https://bit.ly/2JNY3Ht.
- Emailed public comments can be sent by Dec. 10 to 2020Homeowners@ncdoi.gov.
- Written public comments can be mailed by Dec. 10 to Abby Spann, 1201 Mail Service Center, Raleigh, NC 27699-1201.
All public comments will be shared with the bureau.
To see a specific table of proposed homeowners’ rate increases across the state, visit https://bit.ly/32A4FQg.
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