The rate filing announced Monday is the first homeowners insurance rate filing the Department of Insurance has received from the Rate Bureau asking for an increase in rates since 2014, the DOI release said. The 2014 filing resulted in the first homeowners insurance hearing in more than 20 years with the state insurance commissioner finally deciding not to change the rate on behalf of policyholders, according to the release.
The last time a homeowners insurance rate increase request from the Rate Bureau resulted in higher rates for homeowners was in 2012. The Rate Bureau asked for a 17.7 percent increase, then settled at an overall statewide average of 7 percent after negotiations, the DOI release said.According to CFR officials, homeowner insurance legislation in the General Assembly in the past few sessions has been spearheaded by Sen. Michael Lee (R-New Hanover) and former Rep. Chris Millis.
According to the DOI news release, 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:
All public comments will also be shared with the N.C. Rate Bureau. If DOI officials do not agree with the requested rates, they will be negotiated with the N.C. Rate Bureau, the state release said. If a settlement cannot be reached within 50 days, a hearing will be called.
Settlements have been reached on rate filings in the past, but if the case goes to a hearing, the hearing officer will rule on rates and any appeal would go through the court system, according to the state release. The rates set in these cases represent the highest amount allowable for all companies to charge.
Christina Haley O'Neal - Dec 10, 2018
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