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Old 03-11-2013, 07:48 AM
 
Location: Fayetteville, NC
1,490 posts, read 5,215,705 times
Reputation: 1601

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From NCAR...
Homeowners Insurance Rates on the Rise in North Carolina

Yesterday, North Carolina Insurance Commissioner Wayne Goodwin and homeowner's insurance companies reached a settlement on proposed rate increases. The two parties' agreement will enact an average 7 percent increase which will take effect July 1st of this year, effectively cancelling hearings scheduled to begin in June.

The settlement is a considered to be a balance between what the Insurance Commissioner believes is fair and affordable, and what the insurers feel allows them to continue issuing policies in North Carolina without threat to profitability.

The increase is significantly less than the originally requested average of 17.7 percent, saving North Carolina homeowners almost $240 million. The last increase was in 2009 when insurance companies received 4 percent increase in rates after requesting a 19.5 increase.

To read the settlement: CLICK HERE

Your areas rate revisions: CLICK HERE
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Old 03-11-2013, 08:39 AM
 
Location: Apex, NC
107 posts, read 157,841 times
Reputation: 203
Quote:
The increase is significantly less than the originally requested average of 17.7 percent, saving North Carolina homeowners almost $240 million
Yeaaaa, we're saving 10.7%




Oh...wait...no we're not
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Old 03-11-2013, 01:27 PM
 
Location: Sneads Ferry, NC
11,224 posts, read 19,670,603 times
Reputation: 5062
Quote:
Originally Posted by faabala View Post
The increase is significantly less than the originally requested average of 17.7 percent, saving North Carolina homeowners almost $240 million. The last increase was in 2009 when insurance companies received 4 percent increase in rates after requesting a 19.5 increase.
Thank you for keeping us informed. Coastal rates will still be going up a lot!
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Old 03-11-2013, 04:00 PM
 
5,150 posts, read 6,638,593 times
Reputation: 1438
Well it could be worse. It could be a free market.
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Old 03-11-2013, 04:37 PM
 
12,578 posts, read 13,253,348 times
Reputation: 8896
How can I get into a business that will ensure me being profitable through government regulation?
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Old 03-11-2013, 06:23 PM
Status: "On The Lookout" (set 22 days ago)
 
Location: The Triad (NC)
28,388 posts, read 61,750,545 times
Reputation: 31926
Quote:
Originally Posted by WFW&P View Post
How can I get into a business that will ensure me being profitable through government regulation?
Remember this comment the next time a utility thread starts.
There are sme people who still thing deregulation is an improvement.

Quote:
Originally Posted by goldenage1 View Post
Coastal rates will still be going up a lot!
But will they be going up enough?
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Old 03-12-2013, 12:14 PM
 
Location: Fayetteville, NC
1,490 posts, read 5,215,705 times
Reputation: 1601
They wanted to raise my county, Cumberland, by 25%! That's insane.
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Old 10-03-2013, 03:12 AM
 
1 posts, read 1,945 times
Reputation: 10
I live in Hope Mills, my house is 3 years old, my homeowners insurance will go up 28.6 percent, which is $200 a year. That is far from the 7 percent approved. Someone explain this to me, since I cannot get a straight answer from my insurance office. Also, I received a letter to agree to the raise or they will cancel my insurance with expiration date of my insurance.
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Old 10-03-2013, 06:25 AM
 
Location: Concord, NC
1,210 posts, read 1,934,696 times
Reputation: 803
I looked into what I paid the last 4 years in home owners insurance. Here is the breakdown.

9/22/10 ~ $360
9/22/11 ~ $446
9/25/12 ~ $676
9/25/13 ~ $807

I showed that to my wife. I think I finally talked her into shopping for new insurance.
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Old 10-03-2013, 06:50 AM
 
5,150 posts, read 6,638,593 times
Reputation: 1438
Quote:
Originally Posted by Mutti4 View Post
I live in Hope Mills, my house is 3 years old, my homeowners insurance will go up 28.6 percent, which is $200 a year. That is far from the 7 percent approved. Someone explain this to me, since I cannot get a straight answer from my insurance office. Also, I received a letter to agree to the raise or they will cancel my insurance with expiration date of my insurance.
Which carrier? State Farm was sending out those letters but so should anyone going above 7%. Basically that's what the letter is for. To warn you that it's going above the approved late.

My agent was very informative on this and even put a nail file in the envelope to give texture to get me to open it (or perhaps break out of jail).

If they are not able or willing to explain you may want to shop around.
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