The North Carolina Department of Insurance issued the following news release:The North Carolina Department of Insurance received a homeowners insurance rate filing from the N.C. Rate Bureau in the late afternoon of Friday, Jan. 3. The N.C. Rate Bureau, which is not part of the Department of Insurance and represents all companies writing homeowners insurance in the state, has requested a statewide average rate increase of 25.3 percent, varying by territory, with a requested effective date of Aug. 1, 2014.
The requested rate changes range from -2.7 percent to +35 percent. The insurance companies have also requested revisions to the current geographic rating territories.
The filing will be reviewed by Department of Insurance experts to determine what, if any, rate adjustments are warranted. If NCDOI and the N.C. Rate Bureau do not initially agree on the proposed rate changes, Insurance Commissioner Wayne Goodwin will call for a public hearing in which both parties would present their cases for or against rate adjustments.