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

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....



  • coy hoffman insurance on a home OK,but not forcing a blown up policy offered but a small monopoly as ncjua. if there is no major payouts why is my premium going up charge the people that are on the coast.where most damage will accur,or better yet get ncjua out of this so called free market we had been in for centurys let the markets dictate the premiums.

  • Virginia Ramsden Mr. Goodwin Saide it all. We will move if rates continue upward.

  • Anonymous When are congressmen and women going to do something about this wind and hail insurance. They act like we got money growing on trees. They set a rate 2,000 and they think we can go and pluck it off a tree somewhere. Something has to be done about this. Because we will not be able to afford it, and that's going to lead to slum houses because people will not be able to fix them up. And how come you can't buy fire and theft without wind and hail. What one has to do with the other. Puzzled

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