Homeowners insurance rate increase proposed

Dec. 24--In another blow to victims of Hurricane Florence, the N.C. Rate Bureau has asked the N.C. Department of Insurance to increase homeowners' insurance rates 17.4 percent effective Oct. 1, 2019.

The Rate Bureau says the request is for increased losses, hurricane losses and the net cost of reinsurance.

Florence made landfall near Wrightsville Beach on the morning of Sept. 14. Once a Category 4 storm, it made landfall as a Cat 1 with a 10-foot storm surge. It essentially parked between Wilmington and Myrtle Beach for three days, moving at less speed than the pace a person normally walks before heading westward.

In its wake were $17 billion in damages and the deaths of 42 North Carolinians.

Billions in aid have been requested.

Before the storm hit, many in the state -- in particular Bladen County -- were still dealing with Hurricane Matthew from October 2016. The state, in late August between Elizabethtown and White Lake, opened a hurricane application center through ReBuild NC. This is the state's Community Block Grant Disaster Recovery program commonly referred to as CDBG-DR.

Mike Causey, the Republican state insurance commissioner, was saddled a year ago with a request from the Rate Bureau for an increase of 18.9 percent. Causey worked a settlement, with homeowners getting an average increase of 4.8 percent.

The Rate Bureau represents the state's insurance companies; it is a separate entity from the state Insurance Department.

There is a public comment period. Three ways are set up for residents to comment:

--A public comment forum is Feb. 26 from 10 a.m. to 4:30 p.m. This is at the Department of Insurance's second flood hearing room in the Albemarle Building, 325 N. Salisbury St., Raleigh.

--Email [email protected].

--By U.S. Postal Service to be received by Feb. 26, send comments to Tricia Ford, Paralegal Administrator, 1201 Mail Service Center, Raleigh, NC 27699-1201.

The Department of Insurance says all public comments will be shared with the Rate Bureau. If the Department of Insurance doesn't agree with the rates, they can be denied or negotiated.

If there is no settlement, a hearing would happen within 50 days.

Alan Wooten can be reached at 910-247-9132 or [email protected]. Twitter: @alanwooten19.

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(c)2018 the Bladen Journal (Elizabethtown, N.C.)

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