RALEIGH: Seek 25 percent increase in homeowner policies - WRBL

Insurers seek 25 percent increase in homeowner policies in NC

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The North Carolina Rate Bureau has asked the North Carolina Department of Insurance for an average 25.3 percent increase to homeowners insurance policies in the state.

The rate will vary with territory.

See a list of proposed rate increases by territory

The rate bureau, which is not part of the DOI, filed paperwork with the department Friday.

The paperwork requests changes to premiums for homeowner policies ranging from a 2.7 percent decrease to a 35 percent increase.

Insurance Commissioner Wayne Goodwin responded to the request, saying he was "appalled" by it. Goodwin said new homeowners insurance rates went into effect in July 2013.

"I believe the insurance companies should withdraw this rate filing immediately. If they do not, the insurance companies should expect a full hearing on this matter; I will not entertain any settlement negotiations," Goodwin said. 

The request also asked for to the current geographic rating territories to be revised.

DOI officials plan to review the requests to determine what, if any, rate adjustments are warranted.

If the agency and the Rate Bureau cannot come to an agreement, Goodwin will call for a public hearing to be held for both sides to present their cases.

The public can weigh in on the rate requests at a public comment session from 9:30 a.m. to 4 p.m. Jan. 24 at the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St. in Raleigh.

Written public comments will be accepted through Jan. 31, and they can be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201 or emailed to 2014homeowners@ncdoi.gov.

The filing is available for public review on the Department of Insurance website. Enter the Serff Tracking Number NCRI-129361028.

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