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Goodwin Denies Insurance Companies' Request to Raise Homeowners Rates

RALEIGH, N.C. (December 19, 2014) - Insurance Commissioner Wayne Goodwin has ordered a zero percent statewide overall average change in homeowners insurance rates, effective June 1, 2015. The ordered rates vary by geographic territory and type of insurance. On average, homeowners insurance rates are to decrease by 0.3 percent, renter's insurance rates are to increase by 11.2 percent, and condo owner's insurance rates are to increase by 8.1 percent.

The decision comes after Goodwin held a hearing to examine the insurance companies' request to raise overall average rates by 25.6 percent. During the hearing, experts from the N.C. Rate Bureau, on behalf of the insurance companies, and experts from the N.C. Department of Insurance, representing the interests of the public, presented their cases for and against the rate hikes. It was the first hearing on homeowners insurance rates since 1992.

"The rates I have ordered are the result of the most thorough inspection of North Carolina homeowners insurance rates in more than 20 years," said Goodwin. "After considering all of the evidence and data available, I have determined that no factors or events justified the excessive rates requested by the insurance companies."

Read the full order here: http://www.ncdoi.com/Media/Documents/12-19-14_HO_Order_Total.pdf

2014 Homeowners Insurance Timeline

Jan. 3, 2014: The North Carolina Rate Bureau files a request with NCDOI to raise homeowners insurance rates.

Jan. 3-31, 2014: A public comment period is held on the rate filing. NCDOI receives more than 10,000 mailed or emailed comments, and approximately 25 people comment in-person.

Feb. 19, 2014: Goodwin calls for a hearing on the rate request.

Oct. 20- Nov. 12, 2014: Goodwin conducts hearing on 12 days.

Dec. 18, 2014: Goodwin orders an overall average rate change of zero percent, effective June 1, 2015.

Source: www.ncdoi.com