Based on the feedback from the public and the input to the preliminary hearing on the proposed Home Insurance rate increase, held last week in Raleigh, the State Insurance Commissioner has called for a public hearing on June 3, 2013.The purpose of the public hearing will be to address specific issues raised by the Department of Insurance in behalf of the citizens. Experts from the Department as well as the Industry will provide testimony.
Not Justified
The State DOI takes issue with the Rate Increase Proposal made by the Insurance Industry as "not justified". Among other issues DOI questions the basic methodology used to:
- calculate profits of insurance industry
- assess risk factors that determine rate changes
Ouch!
The industry is seeking rate increases that range from 30% in coastal communities to 1.2% in other inland communities. The average rate increase request is 17.7%.
In our previous post we published the average rate of 17.7%, but to be perfectly clear and correct...
The Coastal Rate Increase Proposed is 30%!
Please Note!
We can each continue to make a difference here...more than 1500 home owners wrote to the DOI, mostly by e-mail and more than 30 citizens, mostly from coastal communities spoke at the recent public hearing.
The last time a rate request was made (2008), it proposed an average increase of 19.5%... in the end a 4.05% increase was negotiated and implemented in May 2009.
Lessons Learned
You must push back, this game takes months/years!
We citizens are up against a very big, powerful and rich Insurance Industry. It is about your money in your pocket... or not.
Stay tuned for the next chapters in this non fiction story and to take an active roll in advocating for a reasonable result.
Please pass this info on to family and friends
just got to ... http://wrightsvilleview.blogspot.com/
Thanks for reading ... Liz
Your comments are appreciated.
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