Homeowner? Insurance rate could increase 21.9 percent
RALEIGH, North Carolina (WTVD) -- You can give your input on a proposed homeowners insurance rate increase today in Raleigh!
The North Carolina Rate Bureau is proposing raising homeowner insurance rates an average of 18.7 percent. In Durham and Wake counties, they'd go up by 21.9 percent.
The last rate hike took effect in 2012, when rates went up by 7 percent.
The Bureau says insurance companies need to make up for losses after paying over a billion dollars more than was allocated.
This is due to stronger storms and increased rates for labor and materials needed to rebuild or fix homes.
But state Representative Bob Muller, of Pender and Onslow counties, says he's opposed to the hikes.
"The increases once again seem to place undo and excessive burden on homeowners in coastal counties who have sustained no significant weather-related losses in 16 years," said Muller.
Tuesday's public input is required by law. Residents have until 4:30 p.m. to submit their input at the North Carolina Department of Insurance on N. Salisbury Street in Raleigh.
If enacted, the rate increase could take effect July 1st at the earliest. But it's not a done deal.
"We have over 2,000 pages of documents that we will analyze," said Dr. Michelle Osborne, Chief Deputy Commissioner, of the North Carolina Department of Insurance. "The Department of insurance has a lot of statisticians and CPAs and what we'll do is we'll go over the analysis of those 2,000 pages, which will take quite some time."
Negotiations could take place.
In addition, residents have until Dec. 29 to send an email or letter to the state insurance department.
Email or mail in your comments to 2017HomeInsurance@ncdoi.gov or send via mail to
Tricia Ford
1201 Mail Service Center
Raleigh, NC 27699-1201
