Rate Bureau asks for 30 percent increase for Outer Banks homeowners insurance
The North Carolina Rate Bureau has requested the N.C. Department of Insurance increase homeowners’ insurance rates a statewide average of 17.4 percent effective Oct. 1, 2019. The N.C. Rate Bureau represents the state’s insurance companies and is a separate entity from the N.C. Department of Insurance.
The Rate Bureau attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance.
Last year, the Rate Bureau requested an 18.9 percent increase in homeowners’ insurance rates, but Insurance Commissioner Mike Causey settled, instead, on an average 4.8 percent rate increase.
For the Outer Banks territory numbered 110, the increase for owners is 30 percent, for tenants 5 percent, for condominium owners 10 percent.
For mainland Dare, Hyde, Currituck and Pamlico counties in territory 130, the increase is 25 percent for owners, 5 percent for tenants and 15 percent for condominium owners
For Tyrrell and eight other coastal counties, territory 150, the increase is 15.5 percent for owners, 15 percent for tenants and 5 percent for condominium owners.
Six other territories, seemingly those affected by Hurricane Florence, are also pegged for a 30 percent increase for owners and various rates for tenants and condominium owners.
A public comment period is required by law to give the public time to address the Rate Bureau’s proposed rate increase. There are three ways to provide comment:
- A public comment forum will be held to listen to public input on the Rate Bureau’s rate increase request at the N.C. Department of Insurance’s Second Floor Hearing room on Feb. 26, 2019 starting at 10 a.m. until 4:30 p.m. The Department of Insurance is located in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C.
- Emailed public comments should be sent by February 26, 2019, to: 2018Homeowners@ncdoi.gov.
- Written public comments should be mailed to Tricia Ford, paralegal administrator to be received by Feb. 26, 2019 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All public comments will be shared with the N.C. Rate Bureau. If Department of Insurance officials do not agree with the requested rates, they will either be denied or negotiated with the N.C. Rate Bureau. If a settlement cannot be reached, a hearing will be called within 50 days.
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