Sign Petition

Petition to Reduce the Wind and Hail Insurance Premiums of the NC Joint Underwriting Association

160 Signatures Goal: 250

To: The NC Insurance Commissioner Wayne Goodwin

Dear Mr. Goodwin:

Over the course of the last five years the premiums for wind and hail insurance have soared to offensive extremes in the coastal communities. Furthermore, not only is it a mandatory policy but also offered to the vast majority of us exclusively through the NC Joint Underwriting Association. The very notion of capitalism is driven by virtue of a free market, but without competition there is no incentive for this company to reduce their rates. It is your job as the Insurance Commissioner to work with our Legislators to regulate these exorbitant increases and more adequately represent the people who put you in office.

If our annual premiums are established based on the value of our homes then why do premiums continue to skyrocket in this economy while the housing market plummets? My insurance carrier justified that NCJUA is establishing a pool to handle all the claims in the event of a catastrophe. If that is the case, then considering how long it has been since we have had a major hurricane and the fact that the pool is increasing annually, then it should be substantial enough at this point that they are able to actually reduce premiums considering the lack of claims.

Personally my wind and hail policy has quadrupled since 2006 and my only option to reduce the premium was to increase my deductible. How can this be justified unless my home appreciated four times over in that short period? If it keeps increasing at this rate, over the next five years I will be paying close to $10,000 per year!!! There are many elderly citizens on fixed incomes being forced from their life-long homes as a result of this corporate greed. I am also finding that as the required coverage increases for more expensive houses, the percentage determining their premium decreases. Therefore the costly ocean front properties, which are the most susceptible to wind damage, receive a discounted insurance rate. Clearly it should be a fixed percentage determined exclusively per zone.

In my opinion the escrow accounts that pay our taxes and insurance are an inconspicuous deception, as we are not immediate participants in the distribution of our own money, nor given the option to be. But the people of this country have had it with politicians, banks and insurance companies and we will not sit idly while they steal from our pockets any longer. We have watched our mortgage payments increase, and scratched our heads about negative escrow balances for long enough as a result of this windand hail abomination.

In reviewing my records I noticed that the only year there was no significant increase was from 2008 to 2009, i.e. the year you were elected to office and undoubtedly a campaign promise. Unfortunately, after that year it was back to business. Well now the residents of coastal North Carolina demand not only a rate freeze, but also a reduction from the NCJUA. Furthermore we want you and the Legislators to implement a law which would cap a maximum annual percentage increase that parallels the average rate of appreciation. If you are not here to represent us and alleviate this financial injustice, then effectively every signature on this petition will be one vote for your adversary in the coming election, because “thanks for your support” goes both ways.

Sincerely, R. Benton

note to the undersigned: your comments will be louder if you take a moment and copy them into an email to the Insurance Commissioner whose address is posted in the Links column in the top right....

Links

gwaynegoodwin@gmail.com 
 

  • Anonymous
    Anonymous
    Aug 04, 2015
    Aug 04, 2015
    This corporation is fleecing the insureds. There is way more to this story than is written here. They have the lawyers to beat us all up. They win at every angle by also ripping off your contractor through their "interpretation" of the policy.
  • Anonymous
    Anonymous
    May 03, 2015
    May 03, 2015
    Did you know the western part of the state has more insurance claims and disasters than coastal communities. They also pay a lot less in insurance. Source for this information can be found at NC Public Safety website in NC....What is really needed to dive change is a class action law suit against NCJUA. The facts are ugly and paint a very corrupt picture of NC insurance commission
  • Kenneth Weber
    Kenneth Weber United States, New Bern
    Apr 09, 2015
    Apr 09, 2015
    This is nothing but a rip off by the legislators, ncjua and the commissioner.You can't even sell your home because people can't afford the insurance.Thanks commissioner and lawmakers for screwing the whole east coast of nc.
  • Kenneth Weber
    Apr 09, 2015
    Apr 09, 2015
    This is nothing but a rip off by the legislators, ncjua and the commissioner.You can't even sell your home because people can't afford the insurance.Thanks commissioner and lawmakers for screwing the whole east coast of nc.
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142

Signatures

  • 5 months ago
    Kenneth Weber
    5 months ago
  • 5 months ago
    Patricia Fahs Parker
    5 months ago
  • 6 months ago
    Karl Gelles
    6 months ago
  • 6 months ago
    Danny Modlin
    6 months ago
  • 6 months ago
    John Poland
    6 months ago
  • 1 year ago
    coy hoffman
    1 year ago
  • 1 year ago
    Virginia Ramsden
    1 year ago
  • 1 year ago
    Deborah Pytko
    1 year ago
  • 2 years ago
    melvin robinson
    2 years ago
  • 2 years ago
    Tom Nugent United States
    2 years ago
  • 2 years ago
    Robert E. Jurgensen United States
    2 years ago
  • 2 years ago
    Lonnie Hawk United States
    2 years ago
  • 2 years ago
    Maria Emilia Tenreiro-Moon United States
    2 years ago
  • 2 years ago
    MELISSA FENNELL United States
    2 years ago
  • 2 years ago
    Kevin Picklesimer United States
    2 years ago
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