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Bladen homeowners to see drop in insurance rates

Bladen County homeowners will see their insurances rates drop by more than nine percent in the second half of 2015 following a ruling announced Friday by N.C. Insurance Commissioner Wayne Goodwin.

Goodwin denied a request from the North Carolina Rate Bureau that sought an 18.3 percent rate increase for Bladen County homeowners, but approved a request to change Bladen's geographic rating territory. Bladen remains grouped with Robeson County, but is no longer grouped with Columbus County.

The Bureau, which is not affiliated with the Department of Insurance and represents the property insurance companies writing business in the state, also had requested a 55 percent rate increase for renter's insurance and condominium rates in Bladen County. In Goodwin's ruling, renter's insurance rates in Bladen County will remain unchanged while condominium rates will increase less than one-half percent beginning July 1, 2015.

"The rates I have ordered are the result of the most thorough inspection of North Carolina homeowners insurance rates in more than 20 years," Goodwin said. "After considering all of the evidence and data available, I have determined that no factors or events justified the excessive rates requested by the insurance companies."

The Bureau had requested an average 25.3 percent rate increase statewide for all forms of home insurance, including a 24.5 percent increase for homeowners. However, statewide, Friday's ruling will result in homeowners insurance rates decreasing 0.3 percent, renter's insurance rates increasing 11.2 percent, and condominium owner's insurance rates to increase by 8.1 percent.

The ruling states that beginning July 1, 2015, homeowners rates in Bladen County for a frame house will drop from $741 to $671 for $75,000 coverage. Renter's insurance rates will be remain at $56 for $10,000 coverage. Condominium rates will increase from $52 to $54 for $10,000 coverage.

To read the order, go to http://www.ncdoi.com/Media/Documents/12-19-14_HO_Order_Total.pdf

   
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