Business Briefs

Insurers seek 17 percent increase in NC homeowner policy rates

Posted October 3, 2012 2:45 p.m. EDT

— 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 2012homeowners@ncdoi.gov. 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.