NC RATE BUREAU REQUESTS 25% HOMEOWNER INSURANCE RATE INCREASE
OBAR/OBHBA was notified yesterday that the NC Rate Bureau submitted a Homeowners Insurance Filing representing an 18.7% average increase statewide. The homeowners filing will impact those with homeowners insurance policies – not dwelling policies. Homeowner policies typically cover properties that are primary residences; those homes that are owner-occupied.
Below is the press release. Nowhere in the release is a link to the filing and it is not linked on the NC Rate Bureau’s website’s home page. Concerns have been expressed to NC DOI regarding the challenge to comment on the filing if the public was not given access to the filing. NCDOI sent the following instructions to access the filing/associated documents.
Click this link which will take you to the Property and Casualty Division Filing Search feature.
While the statewide average is 18.7%, the increase would be capped at 25% for coastal communities if the filing is approved. The Rate Filing shows an “indicated need” for a 67 to 80+% increase for the barrier island portions of NC.
Press Release: NC Rate Bureau Asks for 18.7 Percent Rate Hike for Homeowners Insurance – from NCDOI
RALEIGH — Insurance Commissioner Mike Causey today announced that the North Carolina Rate Bureau has filed notice with the NC Department of Insurance asking for a statewide average increase in homeowners insurance rates of 18.7 percent for 2018. The NC Rate Bureau represents the homeowners insurance companies in the state in asking for this increase.
Flood Insurance Reform Legislation Passes the House
Last week, the House voted 237 – 189 to pass the House flood insurance reform package. This was a compromise package with several concessions secured in favor of policyholders. However, there is much work to be done on the Senate side, both to address concerns remaining in the House package and to make proactive improvements for policyholders to the NFIP. The House package still includes a provision which would revise rates within two years to reflect a structure’s distance to water. It is important to keep in mind that given House Financial Service Committee Chairman Jeb Hensarling’s fundamental opposition to the NFIP, an important goal was to address the worst provisions of the House bill and get a long-term reauthorization moving, which now prompts the Senate to act.
Coyote Conflict Management Workshop Scheduled
The NC Wildlife Resources Commission will present a Coyote Conflict Management Workshop on Wednesday, December 6th from 6 to 7:30 p.m. This event will be hosted by the Town of Southern Shores. The event is free and open to the public and will take place at the Pitts Center located at 5375 N. Virginia Dare Trail, Southern Shores, NC 27949.
Dare County– At the Board of Commissioners meeting this week, Commissioners approved a request from Dare Storage LLC to amend the zoning text to add group developments to the list of uses allowed in the Skyco Neighborhood Commercial District on Roanoke Island and another request from Outer Banks Dare Challenge LLC to amend the zoning text to add residential recovery and treatment centers to the list of uses allowed in the Highway 345 Business Zoning District on Roanoke Island.
The Board also approved a reimbursement resolution presented by Finance Director David Clawson for debt issuance related to the Nags Head Beach Nourishment maintenance project. The resolution states the County’s intention to proceed with the project, issue the debt, and reimburse itself for expenditures that occur prior to the debt closing. Nags Head will pay 50% of the project costs and the other half is paid with occupancy tax proceeds set aside specifically for beach nourishment projects. Nags Head plans to bid the project in early 2018 with construction taking place in summer 2018 or summer 2019 depending on schedules of dredge companies.
Commissioners scheduled a public hearing for December 4th to solicit input on a proposed amendment to the County’s Code of Ordinances to allow members of the Board of Adjustments to reside anywhere in Dare County. Currently, only residents living in the unincorporated areas may serve. Planning Director Donna Creef said that removal of the residency limitation may allow for easier recruitment of volunteers.
Duck– Town Council will hold public hearings to consider the following zoning ordinance text amendments at 7 p.m. at their meeting on December 6th:
Kitty Hawk– The beach nourishment project in Kitty Hawk is complete. Great Lakes Dock and Dredge has completed pumping sand and demobilized their equipment. Sand fencing installation continues and dune planting will begin in the spring.
In the News
Thursday, November 23 & Friday, November 24