Pleased to Share This Information on Insurance Rates

A letter from Willo Kelly-

Insurance Rates Surprise

OBAR and OBHBA are pleased to report that NC Insurance Commissioner Wayne Goodwin Has Denied Insurance Companies' Request to Raise Homeowners Rates - Outer Banks' Territory Rates Going Down up to 9% Effective June 1, 2015!

RALEIGH -- 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."

Effective June 1, 2015, rates for the barrier island portions of Currituck, Dare and Hyde Counties will go down 9%, a savings of about $223 for $150,000 of coverage; rates for the mainland areas of Currituck, Dare, Hyde and Pamlico Counties will do down 8.9%, a savings of $189 for $150,000 of coverage. The NC Rate Bureau had requested a 35% increase for barrier island territories and a 10% increase for inland northeastern coastal territories.

For a full breakdown of statewide rate changes click on the links below.

Read the full order here:

• Rate Changes by Territory
• Cost Examples by Territory
• Hearing Transcripts

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Happy Early Holidays!!
Willo

Willo Kelly
Government Affairs
Outer Banks Home Builders Association
Outer Banks Association of REALTORS®
willokelly@gmail.com
(252) 202-7927