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Insurance industry requests rate increase

Posted December 10, 2008

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— The North Carolina Rate Bureau submitted a rate filing on Monday with the state Department of Insurance requesting a 19.5 percent statewide average increase in homeowners insurance.

In Wake and Durham counties the rates would increase by 33 percent. The requests along the Coast range up to 70 percent.

Insurance industry officials said they've been considering these increases for more than a year.

In order to take effect, the request would have to be approved by state officials.


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  • Madonna Dec 11, 2008

    A good area to investigate for corruption ... NC's insurance industry.

  • duncanstrio Dec 11, 2008

    Charles1003, I am pretty certain Obama's focus was on the national level. I am also pretty certain that there would be others that you would need to look at a more local level in terms of responsibility for approval or not. Oh and one more thing, he is still President-elect. So if this was a national level decision prior to inauguration, I am also certain that the responsibilities of the President remain with Bush until this point.

  • jse830fcnawa030klgmvnnaw+ Dec 11, 2008

    Just say "No!" After the rapid increase in property values in Wake County (plus in other counties), this insurance increase is unnecessary.

  • charles1003 Dec 11, 2008

    I thought Obama said we wouldn't have higher taxes.

  • whatusay Dec 11, 2008

    This increase is totally up to the NC Insurance Commissioner. That's why I said, keep up with the lobbyists and follow the money. There are crooked politicians who will do anything for enough money, as we all know.

  • schoonie79 Dec 11, 2008

    Well this makes sense right? People are getting laid off, not able to pay their bills, high gas prices earlier this year, increased cost of food....why not increase insurance rates on homes that are worth less than when purchased. Do these people pay attention to what all is going on in our economy? Obviously not. Insurance rates going up will cause more people hardship and lets face it, you pay your premiums and possibly never make a claim but do they refund that money when you sell that home or die......NO

  • NeverSurrender Dec 11, 2008

    "I guess with home values going down and people are not able to pay their mortgage insurance companies are affraid people will start burning their homes for the insurance."


    So their considered solution is to extract more money from beleaguered homeowners who are already having problems making mortgage and escrow payments.

    Yet another instance of an industry that when confronted by the bother of a flat tire would likely be to rotate the tires and keep driving.

  • whatusay Dec 11, 2008

    I guess with home values going down and people are not able to pay their mortgage insurance companies are affraid people will start burning their homes for the insurance.

  • NeverSurrender Dec 11, 2008

    "Then when ALL of the insurance companies that write homeowners are forced to leave the state, where will you turn then? As we've seen the state does such a great job of running insurance as it is, maybe we can all buy our next policy from them."


    They already do...the BEACH and FAIR plans are state-run because the insurance companies refuse to assume the full risk of insuring people with coastal homes.

  • AARRGGH Dec 11, 2008

    If your rates have gone up like some of you said, you need to find other insurance companies. I have been with the company I am with for 4 years and my rate actually went DOWN this year and still have the same amount of coverage.