Tag: nc homeowners insurance

Homeowners insurance rates in North Carolina heading up by 7 percent

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…

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Homeowners insurance rate hike leads Commissioner to call hearing

homeowners insurance

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…

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Homeowners insurance companies in NC ask to increase rates

North Carolina Homeowners Insurance 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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Homeowners insurance rate hike to face the public at a hearing

Insurance Commissioner Wayne Goodwin - Homeowners Insurance

The state commissioner has requested that insurers not raise prices until after the meeting. Wayne Goodwin, the commissioner for North Carolina, has stated that any decision regarding increases in homeowners insurance rates will need to be held off until after June 3, 2013, when a public hearing has been set. The commissioner is seeking the public’s insight before potentially massive increases occur. According to Goodwin, he and his staff worked throughout the weekend, on top of a great deal of overtime that they have already been putting in, in order…

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Homeowners insurance could rise by 18 percent in North Carolina

North Carolina Homeowners Insurance Rates

The state commissioner is currently considering this increase, which some agents are calling necessary. Homeowners insurance customers could soon find that their premiums are headed strikingly upward in North Carolina, as the commissioner considers a price hike by an average of 18 percent. Many customers are saying that this is an additional financial burden that is making the coverage unaffordable. Many residents of the state are very upset and feel that an increase of this size is unfair and could make their homeowners insurance cost prohibitive. The average annual rate…

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