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Willo Kelly's presentation from 1/9/14 in Kill Devil Hills on the NC Rate Bureau's proposed rate revisions for 2014, just months after new homeowners insurance rates increased in July 2013. Just six months after the insurance rate hikes, the Rate Bureau is seeking another 25 percent statewide (North Carolina) and more than 35 percent along the Outer Banks and the North Carolin coast. These are the facts that the Department of Insurance will consider when they examine the Rate Bureau's proposal to see if the rate increases are warranted. As you will see, charging significantly higher rates in coastal NC counties represents an unfair burden.
The cost of homeowners insurance affects housing affordability, financing, re-financing and economic development. There has not been a hearing on a Homeowners Insurance Rate Filing since 1993. The NC Department of Insurance is accepting written public comments on the HO Rate Filing through January 31st by email at email@example.com. A public comment session will be held on Friday, January 24th from 9:30am to 4pm in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St. in Raleigh.
The US Senate is expected to vote soon on the Homeowner Flood Insurance Affordability Act, S. 1846 that was introduced by NJ Senator Menendez in December. S. 1846 would delay certain premium increases put forth in the Biggert-Waters Act for four years until FEMA can complete its Affordability Study and Congress can consider the recommendations of the study. This is common sense legislation; Congress and FEMA should understand the ramifications of the Biggert-Waters Act before implementing it. If this legislation is not implemented, homeowners and business owners across America will see dramatic, unaffordable flood insurance premium increases when they lose "grandfathering" under new maps.
PLEASE CALL SENATOR RICHARD BURR AND SENATOR KAY HAGAN AND URGE THEM TO VOTE YES on the motion to proceed to S. 1846, and YES on the bill and final passage. Senator Hagan has been supportive of the delay; Senator Burr has maintained his support for the Biggert-Waters Flood Insurance Reform Act of 2012 and has not been receptive to making changes to the law.
Senator Richard Burr: (202) 224-3154
Senator Kay Hagan: (202) 224-6342