Proposed Insurance Rate Increase
Updated: Feb 14, 2019
On February 13th at 7:00pm join Willo Kelly & the League of Women Voters® of Dare County at the KDH Town Hall for a forum on the recent 2018 homeowners insurance rate filing submitted to the NCDOI in December. This proposed rate increase could have major ramifications if passed. Find out how the filing may impact you and your clients including a potential 30% rate increase for Outer Banks residents! Click HERE for the article published in the OBX Voice regarding this rate filing and why you should attend.
While the filing reflects an overall statewide average increase of a 17.4 percent for homeowners, renters and condominium rates, the NCRB requested a shocking rate increase of 30 percent in the beach areas of Currituck, Dare and Hyde counties.
It also includes a 25 percent increase in the homeowner rate in the inland areas of Currituck, Dare, Hyde and Pamlico counties.
The Kill Devil Hills Town Hall is located at 102 Town Hall Drive, Kill Devil Hills, NC 27948. This event is open to the public and you do not need to RSVP to attend.
TAKE ACTION NOW by sending an e-mail to 2018Homeowners@ncdoi.gov with a quick message or the sample message (below) to ask our representatives to reject the Rate Bureau's rate increase request before the public comment period ends on February 26th.
Sample Message: "As a North Carolina REALTOR, I pride myself in being the best representative that I can be for my clients. I strive to provide them the most complete information possible about the most significant financial decision that they will make in their lives. But when homeowners' insurance rates could increase more than 30 percent, that can be the difference in a property being affordable and being out of reach for a homeowner.
The North Carolina Rate Bureau's request represents one which is out of line with the market and which, if approved, will have a negative impact on the state's real estate industry.
Please REJECT this request on behalf of North Carolina homeowners. Thank you for your support of this important issue for our state."
From North Carolina Association of REALTORS®:
More than 2,600 North Carolina Association of REALTORS® have contacted Insurance Commissioner Mike Causey and told him to REJECT the Rate Bureau’s current request. Have you?
In the last days of 2018, the North Carolina Rate Bureau, a non-government entity made up of insurance company representatives, presented a request to state Insurance Commissioner Mike Causey to increase homeowners’ insurance rates an average of 17.4 percent. This is the second rate increase request in just TWO YEARS, with rates being increased 4.8 percent statewide on average in 2017.
Any rate increase will negatively impact the decision-making of your clients and ultimately the state’s real estate industry. Just a couple of percent increase in insurance rates can mean hundreds and possibly thousands of dollars in additional costs that will have to be borne by the homeowner. While the average rate increase requested is only 17.4 percent, some communities across the state could see up to a 30 percent increase.
Follow up with an e-mail to 2018Homeowners@ncdoi.gov with a quick message to ask our representatives to reject the Rate Bureau's rate increase request.