Hearing held on possible 18.7 percent NC home insurance rate increase

A hearing was held Tuesday in Raleigh on a possible homeowners’ insurance rate increase.

The North Carolina Rate Bureau filed a notice with the Department of Insurance requesting an 18.7 percent rate increase for 2018.

The Bureau said insurance companies need to make up for losses after paying over a billion dollars more than was allocated,due to stronger storms that hit the state.

The last time a rate hike took effect was 2012, when rates went up by 7 percent.

A public comment forum was held at the North Carolina Department of Insurance so people could give their input on the proposed rate hike.

People who couldn’t make it to the public forum still have time to submit their input.

  • Emailed public comments should be sent by Dec. 29 to: 2017HomeInsurance@ncdoi.gov
  • Written public comments should be mailed to Tricia Ford to be received by Dec. 29 and addressed to: 1201 Mail Service Center, Raleigh, NC 27699-1201

If Department of Insurance officials do not agree with the requested rates, they will be negotiated with the NC Rate Bureau.

If the rate request is approved, it could take effect July 1, 2018, at the earliest.

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