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
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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