Last week, the NC Homeowners Alliance, together with the Outer Banks Association of REALTORS®, hosted NC Insurance Commissioner Wayne Goodwin at a town hall meeting in Kill Devil Hills. This forum allowed concerned homeowners to ask Commissioner Goodwin questions about the state's insurance climate, changes to the rate-making process, and several other issues affecting Outer Banks homeowners.
Commissioner Goodwin had a great deal to say about the homeowners insurance rate-making process. He expressed concern over the Consent-to-Rate letters sent to homeowners by insurance companies. These letters bypass the maximum rate set by the Commissioner's office every year by using a loophole in state law. Commissioner Goodwin is working with our allies in the legislature to change this practice on behalf of homeowners.
A few concerned homeowners asked how we can keep insurance companies in North Carolina and ensure competitive rates. Commissioner Goodwin told them about his efforts to recruit new companies into the state on a probationary basis in order to safeguard the investments of NC homeowners. Goodwin also mentioned efforts by Congress to allow a private flood insurance option to supplement the National Flood Insurance Program.
The NC Homeowners Alliance thanks Insurance Commissioner Wayne Goodwin for being a part of this dialogue and for all his work on keeping insurance rates fair and transparent for every North Carolina homeowner. We also thank all the concerned homeowners in attendance for their thoughtful questions and local insight.