The North Carolina Department of Insurance (DOI) announced this week that it has rejected the homeowners insurance increases recently proposed by the NC Rate Bureau (the non-governmental entity comprised of insurance companies who write homeowners insurance coverage in the state). The rejection means that a formal public hearing must now be held before any rate increase can be approved. That hearing is scheduled for June 3, 2013 at 10:00am in Raleigh. More information is available on the Department of Insurance website.
Over the past few weeks, DOI received just under 9,000 comments from REALTORS® and other citizens across the state who overwhelmingly opposed the proposed rate increases, which would have been highest along the coast. The North Carolina Association of REALTORS® (NCAR) led the way in fighting the hikes, citing the still-struggling housing market and the financial challenges still facing thousands of North Carolina homeowners. You can read the letter that NCAR sent to Insurance Commissioner Wayne Goodwin HERE.
REBIC thanks Commissioner Goodwin for taking a stand against the proposed rate hikes at a time when the people of North Carolina can least afford them.