The North Carolina Rate Bureau has just filed a request for an increase in homeowners’ insurance rates for next year.
State insurance commissioner Mike Causey confirmed that the NC Department of Insurance has received the notice, which is asking for a statewide average increase of 18.7% for 2018.
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The Mountaineer reported that this is the first homeowners’ insurance rate filing the Department of Insurance has received from the Rate Bureau since 2014. The previous filing resulted in the first homeowners’ insurance hearing in over 20 years – the insurance commissioner ultimately decided not to change rates then.
The last time a rate increase request resulted in higher rates was in 2012. The Rate Bureau asked for a 17.7% increase, but after negotiations settled for an overall statewide average of 7%.
The public is given a comment period to address the proposed rate increase. North Carolina residents affected by the planned hike are encouraged to voice their opinions on the matter.
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