The North Carolina proposal is only one of a large number facing the General Assembly. A bill regarding homeowners insurance is one of a large number being considered by the General Assembly in North Carolina, following a slew of others last week, including outdoor smoking bans, clean water issues, and autistic child coverage. This is because the General Assembly was trying to fit everything in before today’s non-revenue bill deadline. The bills – including the one for homeowners insurance – were required to pass their originating chamber by this date…
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Homeowners insurance bill would change the rates in North Carolina
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…
Read MoreHomeowners insurance rates in North Carolina heading up by 7 percent
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…
Read MoreHomeowners insurance rate hike leads Commissioner to call hearing
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…
Read MoreHomeowners insurance companies in NC ask to increase rates
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…
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