Homeowners Insurance Rates Decrease for Outer Banks

On January 3, 2014 the NC Rate Bureau filed a request with the NC Department of Insurance to raise homeowners rates statewide.  The insurance companies wanted to increase rates by 35% on the Outer Banks.   Wayne Goodwin opened a public comment period statewide and more than 10,000 people mailed or emailed comments.  On February 19,2014  the commissioner called for a full hearing.  From October 20th to November 20th Commissioner Goodwin presided over a 12 day hearing.  On December 18th  2014 he ordered a statewide overall average rate change of 0% effective June 1st.

According to Fletcher Willey, CPCU. AAI, the bottom line is this: “the insurance companies asked for a 35% increase.  Commissioner Goodwin ordered a 9% decrease effective June 1, 2015 on The Outer Banks.”

To view the full order click here:

Click here to see a table of rate changes by territory: