Goodwin orders no insurance increase for North Carolina homeowners
RALEIGH (WTVD) -- North Carolina Insurance Commissioner Wayne Goodwin has ordered a zero-percent statewide overall average change in homeowners insurance rates, effective June 1, 2015.
The decision comes after Goodwin held a hearing to examine the insurance companies' request to raise overall average rates by 25.6 percent.
"The rates I have ordered are the result of the most thorough inspection of North Carolina homeowners insurance rates in more than 20 years," said Goodwin in a news release. "After considering all of the evidence and data available, I have determined that no factors or events justified the excessive rates requested by the insurance companies."
Goodwin said his ordered rates vary by geographic territory and type of insurance. On average, homeowners insurance rates are to decrease by 0.3 percent, renter's insurance rates are to increase by 11.2 percent, and condo owner's insurance rates are to increase by 8.1 percent.
The North Carolina Rate Bureau sought the increase on behalf of the insurance companies. Rate Bureau General Manager Ray Evans said the increase is needed to cover expectations of a sharp rise in future repair and replacement costs and the growing risk of catastrophic losses.
Read the full order here: http://www.ncdoi.com/Media/Documents/12-19-14_HO_Order_Total.pdf
