No insurance increase for NC homeowners
Published December 20, 2014
by abc11.com, December 19, 2014.
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
http://abc11.com/news/goodwin-orders-no-insurance-increase-for-nc-homeowners/443440/
December 20, 2014 at 11:08 am
Richard Bunce says:
Not sure about that... another article I read said that some 30% of policies either Statewide or on the coast included a signed statement from the policy holder agreeing to pay more than the State allowed premium. Nothing with NC Insurance Regulation is what it seems... it seems.
December 22, 2014 at 8:05 am
Frank Burns says:
Good to see no rate increase. I've seen time and time again the policies of the left end up raising our costs whether it be health care or energy. Thank goodness for conservatism.
December 23, 2014 at 11:34 am
Richard Bunce says:
You lower the cost on a commodity through competition not government regulation...
"Yet insurers still hold the upper hand, thanks to a law that allows insurers to charge considerably more. The insurance department says 30 percent of all North Carolina policies last year required homeowners to accept rates higher than what the state allows or face cancellation of their policies."
It is a tale. Told by an idiot, full of sound and fury, Signifying nothing.
http://www.starnewsonline.com/article/20141222/ARTICLES/141229943/1108/editorial?p=2&tc=pg
