Outer Banks Long Term Rental Owners: DENY HOMEOWNER INSURANCE RATE INCREASE!
Last month, the North Carolina Rate Bureau (NCRB) submitted a Homeowners Insurance Rate Filing to the NC Department of Insurance. The filing reflects an overall statewide average increase of 17.4% for homeowners, renters and condominium rates. However, NCRB has requested a rate increase of 30% in the homeowner rate in the beach (barrier island portion) areas of Currituck, Dare and Hyde counties and a 25% increase in the homeowner rate in the inland areas of Currituck, Dare, Hyde and Pamlico counties. The filing affects condo, tenants as well as wind-only policies.
The deadline to submit comments is February 26, 2019. Please send comments via email to 2018Homeowners@ncdoi.gov TODAY and request NC Department of Insurance Commissioner Mike Causey DENY the 2018 Homeowners Rate Filing. Include the following information:
* The proposed rate increases are excessive, unwarranted and unjustified.
* The increase in the Homeowners Insurance rate affects year-round resident policyholders, wind only policyholders, condo and renter policyholders.
* The unwarranted increased cost of homeowners’ insurance impacts the affordability of housing and the ability of a policyholder to make their mortgage payments. This impacts families that live in our year-round neighborhoods.
* Rate increases just went into effect October 1, 2018. There has not been enough time to thoroughly evaluate the adequacy of the newly effective rate increases.
* The filing does not include the number of policyholders or amounts charged over the manual rate under “consent to rate.”
* No filing should be considered until the NC Department of Insurance has a clear knowledge of how many policyholders are paying premiums based on consent to rate and how much over and above the manual rate has been charged.
Please add DENY THE 2018 HO FILING in the subject line or personalize it as you see fit.
A public comment forum will be held on February 26th from 10 a.m. to 4:30 p.m. in the second floor Hearing Room of the NC Department of Insurance, located at 325 N. Salisbury St., Raleigh, NC. The forum will be a listening session type event, with no response from NCDOI. The public will not have many opportunities to comment after February 26.