North Carolina Farm Bureau Insurance Increases Homeowner’s Insurance Premiums

According to a recent North Carolina Insurance Department – North Carolina Farm Bureau Rate Filing

North Carolina Farm Bureau Insurance (NC Farm Bureau Mutual Insurance Company & NC Farm Bureau Insurance Group), filed for (was granted) a Homeowner’s Insurance Rate Increase with the North Carolina Department of Insurance. The overall rate change is 7.3{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe}, however, the amount of the increase varies dramatically, ranging from -9{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} to +44{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe}.  In addition to the rate increase, NC Farm Bureau Insurance is also revising several of the stated deviations (deviations are how Insurance Carriers provide both discounts and increases when pricing a policy).

Important Deviation Changes

  • Base Rate Deviations – Farm Bureau is revising their territory base rate deviations, and introducing a Multi-Policy Component.  The deviation between a Homeowner’s Policy with an accompanying auto insurance policy and a Homeowner’s Policy with-out an accompany auto insurance policy is generally between 5-7{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe}.  Meaning, a “Home Only” policyholder will see a larger increase than policy holders who have both Home and Auto Policies with Farm Bureau.
  • Enhancement Deviation – The purpose of this deviation is to temper the increases that result from the combination of other deviation changes.  From the filing, the larger increases will occur for newer homes insured for over $400,000 & with Deductibles of $1,000 of higher.

For more information about North Carolina Homeowner’s Insurance, Jack Wingate, or ALLCHOICE Insurance, please visit http://www.allchoiceinsurance.com

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