Commissioner Mike Causey announced the average rate increase across the state. North Carolina Insurance Commissioner Mike Causey has announced that following negotiations with the dwelling insurance market, there will be an average 8 percent rate increase across the state. The increase is substantially lower than what was requested The North Carolina Rate Bureau had been seeking an average increase to dwelling insurance rates of 50.6 percent. That means that following negotiations, it was reduced by 42.6 percent to arrive at the average that will be implemented in the state. This…
Read MoreTag: North Carolina Rate Bureau
North Carolina home insurance customers could see 42 percent rate hike
The state’s rate bureau has requested the increase, which would go into effect this summer. This summer, things could be heating up in North Carolina’s home insurance market, as the state rate bureau has requested a massive 42.2 percent rate increase that would go into effect on August 1 if approved. The rate increase request was announced by NC Insurance Commissioner Mike Causey in a news release. The North Carolina Rate Bureau (NCRB) represents home insurance companies that write policies in the state. It is an entity that is completely…
Read MoreNorth Carolina auto insurance customers will be paying more for coverage
Rates are expected to rise for many drivers in October, though the increase is less than what it might have been. North Carolina auto insurance rates may be on the rise in October, but drivers could have seen a much higher hike if regulators hadn’t stepped in. The state Department of Insurance signed a settlement agreement with the N.C. Rate Bureau to allow for a considerably lower rate increase than initially proposed. Insurance Commissioner Mike Causey made the announcement regarding the settlement agreement signing. Initially, the state Rate Bureau requested…
Read MoreHomeowners insurance rates in North Carolina are “very much a problem”
The commissioner in the state has openly recognized that there is an issue which must be overcome. Though the majority of people would say that they’re already paying high premiums for their homeowners insurance coverage, those in North Carolina have more to complain about than most, as the majority of property owners have seen their bills suddenly spike by a third to nearly three quarters of what it previously had been. Many people have received letters saying that if they don’t agree to these increases, they will lose their coverage.…
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 More