GREENSBORO, N.C. — Have you heard what insurance companies want you to pay to protect your home? Insurance companies asked the North Carolina Department of Insurance for a 50.6% increase in dwelling policies. Then, in January, there was a 42.2% increase in Homeowners insurance, and now they're asking for an 82.9% percent increase in mobile home insurance premiums.
What gives? Well, the ask is part of the process.
"The important words there are 'ask for'. That hasn't been granted; the process is set out by state law," said Barry Smith, Deputy Director of Communications for the NC Department of Insurance.
The North Carolina Rate Bureau, which represents the insurance companies and is not part of the NC Department of Insurance asks the North Carolina Department of Insurance for a specified increase.
The Commissioner can do one of two things: he can say yes, and the increase is implemented. He can say no, and then the two entities will meet at a hearing. The Commissioner has 50 days to make his decision. In the meantime, the NC Dept. of Insurance wants to hear from you. This is from their site:
Now that the Rate Bureau has made its request, we have entered the public comment period. If you wish to comment on the proposal, you may do so in one of two ways:
- You may email us at 2024MH@ncdoi.gov.
- You may write us by sending your letter to Kimberly Pearce, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
Please make sure you send your comments to us by April 30. All comments will be shared with the Rate Bureau.
"I've been working at the Dept of Insurance for seven years, and for every rate ask, he has said no. They usually end up getting a fraction of what they request," said Smith.
It's estimated that 148,0000 North Carolinians will be impacted by the latest ask.
Why does the NC Commissioner of Insurance have to increase at all? Well...
"Part of his job is to take up for the NC consumers; now he has another job too; he wants to make sure we have a robust insurance market," said Smith.
