The insurance industry in North Carolina suggests raising homeowner premiums by an average of 42%.
North Carolina Time :Premium Increase Average Of 42.2%
(AP) — RALEIGH, N.C. In North Carolina, rates for homeowner insurance policies are currently being set for a second time. The industry is aiming for an average statewide premium increase of 42.2%, which would take effect in the summer.
The state Insurance Department was notified last week of the rate-filing request from the insurance companies’ representative, the North Carolina Rate Bureau, the department said in a statement along with the announcement of a public comment period that runs through February 2.
The bureau, a state-created organization that is independent of state government, submitted more than 2,000 pages of documentation outlining their rate requests, which differ by county and area. The bureau desires that the new rates take effect on August 1.
The agency will either reject the rates or engage in negotiations with the bureau if the Department of Insurance is not in agreement with the proposals.
If a settlement cannot be reached within 50 days of the filing, Insurance Commissioner Mike Causey will convene a formal public hearing on the requests, according to the department. Following the hearing, an appeal of his rate request decision may be filed with the court.
Final agreed-upon average rate increases can be much less than what the bureau requested, as recent history has demonstrated.
The Bureau requested a 24.5% average increase across the board for homeowners’ policies during the most recent round, which commenced in November 2020. However, a settlement that Causey signed with the bureau in November 2021 led to an average increase of 7.9%.
Carolina Dantas
bureau filing revealed pronounced variations in suggested increases based on a homeowner’s residence. The bureau suggested a 99.4% increase for properties in Brunswick,
Carteret, New Hanover, Onslow, and Pender counties’ beach areas, where buildings are more vulnerable to storm damage. Depending on the ZIP code, proposed increases on inland properties in those same counties would be either 43% or 71.4%.
However, the bureau’s recommendations varied from 4.3% to 8.5% in almost a dozen far western and far northwestern counties. Raleigh and Durham (39.8%), Greensboro and Winston-Salem (36.6%), and Charlotte (41.3%) had higher proposed premium increases.
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