Like every other ‘ask’ it goes to the NC Dept. of Insurance. Most likely, the answer will be ‘no’ and it will go to a hearing.
GREENSBORO, N.C. — Have you heard what insurance companies want you to pay to protect your home? Insurance companies asked the North Carolina Department of Insurance for a 50.6% increase in dwelling policies. Then, in January, there was a 42.2% increase in Homeowners insurance, and now they’re asking for an 82.9% percent increase in mobile home insurance premiums.
What gives? Well, the ask is part of the process.
“The important words there are ‘ask for’. That hasn’t been granted; the process is set out by state law,” said Barry Smith, Deputy Director of Communications for the NC Department of Insurance.
The North Carolina Rate Bureau, which represents the insurance companies and is not part of the NC Department of Insurance asks the North Carolina Department of Insurance for a specified increase.
The Commissioner …