Consent to Rate: Major insurance companies are forcing NC homeowners to pay higher insurance premiums

Have you gotten your letter, yet?  Homeowners in North Carolina say they are being forced to agree to pay higher insurance premiums. Fox 8 reporting that major insurance companies are sending out “Consent to Rate” letters asking homeowners for permission to raise their premium above the state’s set rate. If you don’t agree to the increase, the insurance company will cancel your policy. Coastal property owners were the first to see the letters several years ago.

-A spokeswoman for the Department of Insurance says it is completely legal. A suggestion: If you don’t want to agree to the rate increase…shop around using independent insurance agents. Independent agents typically represent multiple companies, many of which are not implementing the increase. BTW: Officials with the four major insurance companies — Allstate, Farm Bureau, Nationwide and State Farm — say they have no choice since the state’s insurance commissioner has denied requests for minimum rate increases over the past several years.

Verne Hill
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