NC REALTORS® responds to Homeowners Insurance settlement
Raleigh, North Carolina (April 19, 2018) – On Wednesday, North Carolina Commissioner of Insurance Mike Causey announced that the Department of Insurance reached a settlement with the North Carolina Rate Bureau regarding its November 2017 rate filing for homeowners’ insurance policies. The settlement reduces the proposed rate increase from an average of 18.7 percent statewide to 4.8 percent. It also establishes a 5.5 percent cap statewide, which is a significant departure from the original high of a 25 percent increase. Finally, the settlement caps insurance for tenants and condominiums at 12 percent.
“We applaud the work of Commissioner Causey and his team to reach a settlement, which will decrease the burden on North Carolina homeowners. However, we recognize there is still more work to be done,” said Amy Hedgecock, 2018 NC REALTORS® President. “It is important to take steps at both an administrative and legislative level to ensure consumers are not additionally harmed by actions like consent to rate letters distributed by companies who wanted more significant rate increases. We look forward to working with Commissioner Causey and legislative leaders over the coming months.”
NC REALTORS® provided comments in opposition to the Rate Bureau’s initial filing during the public hearing on December 29, 2017. The North Carolina Homeowners Alliance, a grassroots outreach organization supported by NC REALTORS®, also engaged homeowners across the state on this issue, leading to more than 1,000 emails being sent to the Commissioner expressing opposition for the filing.
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ABOUT NC REALTORS®
NC REALTORS® is a non-profit trade association, representing more than 42,000 members and 48 local associations throughout the state of North Carolina. NC REALTORS® serves to promote the success of its members and enhance the quality of life in North Carolina by promoting housing affordability and the protection of private property rights. Founded in 1921, the association is headquartered in Greensboro, with an additional office in Raleigh. For more information on the association, visit ncrealtors.org.
