Business Briefs

Insurers seek 17 percent increase in NC homeowner policy rates

Posted October 3, 2012

— The North Carolina Rate Bureau, which represents insurance companies that provide coverage in the state, has asked the state Department of Insurance for an average 17.7 percent increase in homeowner policies, officials said Wednesday.

The Rate Bureau would like the increase to take effect next June.

The filing is the first request for higher homeowner insurance rates since the Rate Bureau sought a 19.5 percent increase in 2008. The DOI allowed a 4.05 percent statewide average increase to go into effect in May 2009.

The public can comment on the proposed increase during a public hearing on Oct. 17 in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St. in Raleigh.

Written public comments can be mailed to NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201, or emailed to The deadline for submitting written comments is Oct. 19.

The DOI will then review the request to determine what, if any, rate adjustments are warranted. If the two sides cannot agree on rate changes, another public hearing will be held for both parties to present their cases for any rate adjustments.


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  • kidsrn Oct 4, 2012

    Our homeowners insurance is due the end of October. It went up $2 from last year----so I am not complaining about that. But as another poster said, they have my personal property replacement value at over $200K. Sorry, but are you kidding me??? The carpet is 15 years old, the furniture, while clean, is really run down. All appliances are at least 12 years old. I mean, I love my home, it is mostly paid for after a lot of hard work and yes, instead of buying new furniture/appliances/remodeled rooms we put that money into paying off the mortgage---but there is no way this stuff is worth even $50K. I wish it was worth the $200K---I'd sell it all for half that and live with lawn chairs!

    When I called to question that personal property replacement value and to ask that it be lowered, I was told that it could not be changed and was based in part on where I live. Where I live??? Good grief, it should be based on the ACTUAL value---but then they can't charge as much. And that would be a shame

  • rocket Oct 4, 2012

    "Remember, folks, insurance is just a form of redistribution."

    If you don't see the very clear difference between the two I would be wasting my time trying to explain.

  • rocket Oct 4, 2012

    "it's the GOP that wishes to govern your bedroom, your birth control, and religion, not the democrats. "

    Please give just one example of the GOP trying to tell you what you can do with regard to any of those subjects. You are as free as ever to do any of those things as you choose.

  • BubbaDukeforPresident Oct 4, 2012

    I'm with Allstate and they've been cheaper than many alternatives; but as far as increasing my rates - no thanks. I haven't gotten a 17% pay raise in the last ten years, no reason I should have to pay for people who live in the path of hurricanes, etc.

  • ncmedic201 Oct 4, 2012

    Joe, maybe you should call around. My homeowners remained the same this year and my car insurance actually went down a few dollars.

  • baldy64 Oct 4, 2012

    I just got my new policy to become effective 10/14/12 - it went up $190, or 25% this year, and I have filed no claims or changed nothing on my insurance coverage. If they let them have another 25% rate hike, that would be absolutely ridiculous. If they allow this, my rates will end up being raised over $425 in 2 years.

    And I agree about coverage. They won't allow us to have less than $110,000 for personal contents coverage of my house. Who has that much in furnishings and belongings in their house unless you are very rich?

  • twatkinsntp Oct 4, 2012

    People making less and the thought that our great State would even think about this now is hard to beleive. Thats what happens when you have attornys and Insurance agents running for office.

  • kidsrn Oct 4, 2012

    Super----the amount of coverage we have is way more than we could ever hope to get if we sold---but when we called our agent and inquired about these limits, we were told that we could not lower the dollar value assigned for the replacement cost. Like iron fist, if I could get even remotely close to what they say my home is worth, I would be out of here!!

    Shame on them!

  • common_sense_plz Oct 4, 2012

    OH GREAT more money out of our pockets. When will it ever stop.

  • iron fist Oct 4, 2012

    If I could sell my home for what the insurance says its worth I would sell and move this afternoon