The North Carolina Homeowners Alliance is asking homeowners across the state to endorse the Property Insurance Fairness Act (House Bill 182) at the North Carolina General Assembly. This legislation requires big insurance companies to provide consumers with more information about rates. In addition, the bill increases the transparency of the rate setting process.
This bill is a great win for consumers. Across North Carolina, consumers have received high pressure letters from their insurance companies, demanding they pay rates above the regulated maximum. These "consent to rate" letters have led to an explosion in the number of consumers paying high rates. The Property Insurance Fairness Act forces the insurance companies to also disclose the lower regulated rate, helping consumers make an informed choice.
This legislation includes other provisions that better prepare the state for catastrophic insurance losses and gives more power to the Insurance Commissioner to keep insurance companies honest.
The Homeowners Alliance applauds the NC House for passing this legislation. Now, we need the Senate to do the same. reform. You can join the effort, and we will keep you up to date on these reforms. Please share this information to your friends, family and neighbors. Together, we can see these protections become law.