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Homeowners insurance bill would change the rates in North Carolina

April 10, 2013April 30, 2013

Legislators from coastal communities are hoping to make the rate system different and more transparent. Lawmakers that are representing coastal North Carolina counties where residents are feeling high frustrations about the skyrocketing cost of homeowners insurance, have now introduced a number of bills that would change the way that the state regulates the rates that are charged as well as to add transparency to the system as a whole. One of the two primary measures has already been receiving bipartisan support as there are sponsors from both parties. Both Republicans…

Homeowners insurance rates in North Carolina heading up by 7 percent

March 11, 2013March 11, 2013 G. Turner

North Carolina Homeowners Insurance Rates

The state regulator has now signed an agreement that allowed for the statewide increase. The leading homeowners insurance regulator in North Carolina has just given their approval to allow insurers in the state to increase their rates by an average of 7 percent per year, beginning in July. The original request had been much higher than that in October, but the Commissioner has found 7 percent to be justified. In October 2012, the North Carolina Rate Bureau had requested 17.7 percent, on average, as an increase across the state. Though Commissioner…

Homeowners insurance rate hike leads Commissioner to call hearing

January 26, 2013April 30, 2013

This was a response to NC insurers that have requested considerable premiums increases. Wayne Goodwin, the commissioner for North Carolina, has ordered a hearing in response to the request that homeowners insurance companies in the state have made requests to their policyholders for an increase in their premiums. The commissioner feels that the proposed rates are unfairly discriminatory and excessive. This story was first reported by Insurance News Report on January 23, 2013, but it has since then developed to the point that the commissioner has felt the need to…

Homeowners insurance companies in NC ask to increase rates

January 23, 2013April 30, 2013

The permission of policyholders is being requested for price hikes in North Carolina. Homeowners insurance companies have been contacting their customers in North Carolina in order to request their permission for a rate increase that is extremely high in some cases. Some property owners received letters that are asking for approval of astronomical hikes. In some instances, the new premiums requested by the homeowners insurance companies were over 50 percent higher than the maximum approved rate in the state. An example of this scenario occurred on January 20, when a…

North Carolina homeowners insurance companies called to justify rate increases

October 26, 2012October 24, 2012 Marc

North Carolina homeowners insurance becomes target of regulatory action Insurance companies in North Carolina are being called upon to justify a proposed increase in insurance rates. According to the state’s Department of Insurance, many homeowners insurance providers have proposed an average rate increase of 18% throughout the state. The proposition has caused some turmoil amongst consumers who consider such an increase to be unfair. Insurance Commissioner Wayne Goodwin is now calling upon North Carolina homeowners insurance companies to provide more information on why they believe the rate hikes to be…