Insurance firms seek 42% rate hike for NC homes; 99% increase at beaches

[1srelluc]

Damn!

I'm sure they're high-balling, waiting for the Insurance Commissioner to negotiate down.....Maybe, unless they are just looking for a excuse to leave NC altogether.

This is what’s happening right now all over the country, insurance companies non-renew and/or pull out of a state entirely making it even more difficult to get insurance at any cost.

Insurance companies are a business just like any other, many are running at a 102-120% combined ratio meaning they’re losing 2-20% on every policy they have.

It makes you wonder if there is a going to be a domino effect.....What are mortgage companies going to do when a home can't be insured any more?

Oh but don't worry, everything is just fine according to the dems.


RALEIGH, N.C. (WNCN) — Insurance companies are seeking a more than 40 percent average rate increase for coverage of homes in North Carolina with much higher rates sought at the coast, according to a Friday news release from the North Carolina Department of Insurance.

The North Carolina Rate Bureau, which represents companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.

The highest rate increases — at 99.4 percent — would essentially double costs for homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated. Insurance companies are seeking a 39.8 percent hike for homes in Durham and Wake counties, including Raleigh and Durham.

MSN

www.msn.com

 

[1srelluc]

Sorta ties in to this:

WSJ: Buying Home and Auto Insurance Is Becoming Impossible

https://archive.is/vmfXj After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its...

www.usmessageboard.com

 

[Donald H]

Something might have changed that drives their cost experience up?
Or maybe they're just being American capitalists, who honour the code of supply vs. demand.

Or in other words, give it to the people until they cry 'uncle'!

Something has changed??

 

[Woodznutz]

Maybe we should change the way we build houses.

 

[Dont Taz Me Bro]

We need to kill the national flood insurance program.

 

[Smokin' OP]

We need to kill the national flood insurance program.

Why would the feds insure houses/property that private insurers wouldn't?

 

[Donald H]

We need to kill the national flood insurance program.

You need government interference.

That goes for a lot more than just insurance!

The rebel side still thinks you need less government involvement, because they know that the insurance will be merciful and will see jesus just in time!

 

[Concerned American]

What are mortgage companies going to do when a home can't be insured any more?

Good point, but the mortgage companies won't be left holding the bag. Most of those loans require the borrower to insure the property--if they don't, the company can add an insurance product to the loan, VSI, Vendor's Single Interest, that will cover their investment. The borrower is left out in the cold for their losses, but the loan is paid off.

 

[leftwinger]

Mine already went up 47% annual renewal citing the costs of wood, labor, materials etc.

 

[Dont Taz Me Bro]

You need government interference.

That goes for a lot more than just insurance!

The rebel side still thinks you need less government involvement, because they know that the insurance will be merciful and will see jesus just in time!

Government interference traditionally results in false demand and shortages. Nixon learned that the hard way in the 70s with the gas crisis. Furthermore, I don't think you even know what I was talking about anyway.

 

[EvilCat Breath]

Damn!

I'm sure they're high-balling, waiting for the Insurance Commissioner to negotiate down.....Maybe, unless they are just looking for a excuse to leave NC altogether.

This is what’s happening right now all over the country, insurance companies non-renew and/or pull out of a state entirely making it even more difficult to get insurance at any cost.

Insurance companies are a business just like any other, many are running at a 102-120% combined ratio meaning they’re losing 2-20% on every policy they have.

It makes you wonder if there is a going to be a domino effect.....What are mortgage companies going to do when a home can't be insured any more?

Oh but don't worry, everything is just fine according to the dems.


RALEIGH, N.C. (WNCN) — Insurance companies are seeking a more than 40 percent average rate increase for coverage of homes in North Carolina with much higher rates sought at the coast, according to a Friday news release from the North Carolina Department of Insurance.

The North Carolina Rate Bureau, which represents companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.

The highest rate increases — at 99.4 percent — would essentially double costs for homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated. Insurance companies are seeking a 39.8 percent hike for homes in Durham and Wake counties, including Raleigh and Durham.

MSN

www.msn.com

Mortgage companies will do what New home builders are doing, start their own insurance companies.

 

[Donald H]

Good point, but the mortgage companies won't be left holding the bag. Most of those loans require the borrower to insure the property--if they don't, the company can add an insurance product to the loan, VSI, Vendor's Single Interest, that will cover their investment. The borrower is left out in the cold for their losses, but the loan is paid off.

It's guvmunt I tell ya friend.

It's America's split down the middle over more and better government vs. none.

As I suggested, it's the confederates against the Union. And it's festering at an alarming rate!

It always has been that hasn't it!

 

[Concerned American]

Mortgage companies will do what New home builders are doing, start their own insurance companies.

They already do and have done so for the many years since I have been a borrower. It came to light after the mortgage crises of the early 2000s, lenders were forcing their buyers to obtain mortgage insurance to secure the lender's risk or they wouldn't loan the money.

 

[Concerned American]

It's guvmunt I tell ya friend.

It's America's split down the middle over more and better government vs. none.

As I suggested, it's the confederates against the Union. And it's festering at an alarming rate!

It always has been that hasn't it!

???? Are you drinking already duck? STFU and move along. You're spouting nonsense----AGAIN.

 

[Donald H]

Mine already went up 47% annual renewal citing the costs of wood, labor, materials etc.

In some countries gubmint steps in and imposes limits!
In B.C., Canukistan the gubmunt insurance is a booming success.

 

[EvilCat Breath]

They already do and have done so for the many years since I have been a borrower. It came to light after the mortgage crises of the early 2000s, lenders were forcing their buyers to obtain mortgage insurance to secure the lender's risk or they wouldn't loan the money.

I don't mean mortgage insurance. I mean casualty insurance, fire and theft.

 

[strollingbones]

nc taxpayers have for years paid an increase for those on the coast...it is time that stopped

 

[strollingbones]

my neighbor who is not that far from us pays flood insurance even tho he place has never flooded...it is such a racketter

 

[CrusaderFrank]

Damn!

I'm sure they're high-balling, waiting for the Insurance Commissioner to negotiate down.....Maybe, unless they are just looking for a excuse to leave NC altogether.

This is what’s happening right now all over the country, insurance companies non-renew and/or pull out of a state entirely making it even more difficult to get insurance at any cost.

Insurance companies are a business just like any other, many are running at a 102-120% combined ratio meaning they’re losing 2-20% on every policy they have.

It makes you wonder if there is a going to be a domino effect.....What are mortgage companies going to do when a home can't be insured any more?

Oh but don't worry, everything is just fine according to the dems.


RALEIGH, N.C. (WNCN) — Insurance companies are seeking a more than 40 percent average rate increase for coverage of homes in North Carolina with much higher rates sought at the coast, according to a Friday news release from the North Carolina Department of Insurance.

The North Carolina Rate Bureau, which represents companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.

The highest rate increases — at 99.4 percent — would essentially double costs for homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated. Insurance companies are seeking a 39.8 percent hike for homes in Durham and Wake counties, including Raleigh and Durham.

MSN

www.msn.com

So are all those homeowners defrauding NC, you know, like Trump in NY?

 

[Donald H]

nc taxpayers have for years paid an increase for those on the coast...it is time that stopped

That's socialism and it's interference in the free market!

The nerve of you fkn commies, trying to tell insurance companies to stop spreading their profits and loss over greater geographic areas!