North Carolina Rate Bureau seeks to increase in homeowners insurance rates 18.7 percent in 2018

A sold sign is posted outside a newly constructed luxury home in Wellesley, Mass., Tuesday, Aug. 25, 2009. (AP Photo/Charles Krupa)

North Carolina homeowners could see a significant increase in their insurance rates in 2018 if a proposed rate increase is approved.

The North Carolina Rate Bureau has filed a notice with the NC Department of Insurance asking for a statewide average increase in homeowners insurance rates of 18.7 percent for 2018, Insurance Commissioner Mike Causey announced Monday.

The NC Rate Bureau represents homeowners insurance companies in the state in asking for this increase.

This rate filing is the first homeowners insurance rate filing the Department of Insurance has received from the Rate Bureau asking for an increase in rates since 2014, officials noted.

That filing resulted in the first homeowners insurance hearing in over 20 years.

The Insurance Commissioner had decided on a "no change" decision on behalf of policyholders.

The last time a homeowners insurance rate increase request from the NC Rate Bureau resulted in higher rates for homeowners was in 2012; the bureau asked for a 17.7 percent increase.

After negotiations, they settled at an overall statewide average of seven percent.

But there's good news!

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 NC Department of Insurance's Second Floor Hearing Room from 10 a.m. to 4:30 p.m. on Dec. 12, 2017. The Department of Insurance is located in the Albemarle Building, 325 N. Salisbury St., Raleigh, NC
Email a comment. Comments should be sent by Dec. 29, 2017 to 2017HomeInsurance@ncdoi.gov Write a comment. Written public comments should be mailed to Tricia Ford by Dec. 29, 2017, and addressed to: 1201 Mail Service Center, Raleigh, NC 27699-1201

All public comments will also be shared with the NC Rate Bureau.

If officials do not agree with the requested rates, they will be negotiated with the NC Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.

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