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....
Updates
March 7, 2011
The increase in public interest regarding these insurance premiums confirms that this issue affects our entire coastal community. This momentum indicates a collective desire for greater accountability and transparent pricing from the association. Your continued engagement helps ensure that our concerns remain visible to those in positions of authority.
Reached 100 supporters
March 7, 2011
20 Comments
My Wind and Hail policy went up 56% over last years rates. This became effective for me on November 18, 2017. My next door neighbor's policy went up $20 over the previous year. Go figure...
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
$1100 per year wind and hail on a home valued at 150k, that has never been damaged in the 25 years that I've lived here is totally unacceptable. From what I understand, there is no guaranteed payout if in fact I do lose my home in a major storm. You have much to answer for Mr. Goodwin. At this point, ignoring your ransom is the best option. If a super storm hits, becoming a welfare recipient looks like my best option. It's what I can afford...how about my beloved North Carolina?
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
Insurance on home in Nags Head continues to increase.
Imagine my surprise when I opened my bill from NC Joint Underwriting Assoc and discovered that my 2017 insurance premium increased 56% over last years. And I've never filed a claim! As a senior citizen, I cannot afford this. But I also cannot afford to lose my house to a natural disaster either. Perhaps if the company didn't allow so many perks for their employees, our premiums would be lower. Check out Glassdoor.com if you don't believe me. One person's comment says "The base salary and 15% guaranteed yearly base salary bonus plan are very good with a leadership 30% matching 401K plan through Fideliy. Work hours are from 9AM - 4:15PM with one hour for lunch. Leadership has team building twice a month at very nice restaurants and trips to resorts throughout the Triangle as a great perk." I worked for a Fortune 10 company for 32 years and didn't get those kinds of perks.
My wife and I moved to our home on the northern outer banks, in part, to escape the outrageously high local (county and municipal) property taxes in suburban Dallas, Texas. Now, then once inviting and affordable Dare County has become equally expensive to one of the most expensive homeowners insurance pronoun states in the US, Texas. We are sitting ducks for this eniurmus escalation in NCJUA premiums. The NCJUA is making Dare County a much less disareable place to be a full-time resident. Like other people have stated on this page, this place used to be very affordable. NCJUA premiums Have gone up 4x in the last 10 years since we rebuilt our home here. That’s exceeds all % increases in the nation. Unacceptable. If it continues, watch the population start to decrease, starting with my family.
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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....
Updates
March 7, 2011
The increase in public interest regarding these insurance premiums confirms that this issue affects our entire coastal community. This momentum indicates a collective desire for greater accountability and transparent pricing from the association. Your continued engagement helps ensure that our concerns remain visible to those in positions of authority.
Reached 100 supporters
March 7, 2011
20 Comments
Paying through the nose for home insurance and now that I have to use it thanks to Florence I'm getting low-balled by NCJUA for repairs!? Ridiculous!
My Wind and Hail policy went up 56% over last years rates. This became effective for me on November 18, 2017. My next door neighbor's policy went up $20 over the previous year. Go figure...
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
$1100 per year wind and hail on a home valued at 150k, that has never been damaged in the 25 years that I've lived here is totally unacceptable. From what I understand, there is no guaranteed payout if in fact I do lose my home in a major storm. You have much to answer for Mr. Goodwin. At this point, ignoring your ransom is the best option. If a super storm hits, becoming a welfare recipient looks like my best option. It's what I can afford...how about my beloved North Carolina?
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
Insurance on home in Nags Head continues to increase.
Imagine my surprise when I opened my bill from NC Joint Underwriting Assoc and discovered that my 2017 insurance premium increased 56% over last years. And I've never filed a claim! As a senior citizen, I cannot afford this. But I also cannot afford to lose my house to a natural disaster either. Perhaps if the company didn't allow so many perks for their employees, our premiums would be lower. Check out Glassdoor.com if you don't believe me. One person's comment says "The base salary and 15% guaranteed yearly base salary bonus plan are very good with a leadership 30% matching 401K plan through Fideliy. Work hours are from 9AM - 4:15PM with one hour for lunch. Leadership has team building twice a month at very nice restaurants and trips to resorts throughout the Triangle as a great perk." I worked for a Fortune 10 company for 32 years and didn't get those kinds of perks.
My wife and I moved to our home on the northern outer banks, in part, to escape the outrageously high local (county and municipal) property taxes in suburban Dallas, Texas. Now, then once inviting and affordable Dare County has become equally expensive to one of the most expensive homeowners insurance pronoun states in the US, Texas. We are sitting ducks for this eniurmus escalation in NCJUA premiums. The NCJUA is making Dare County a much less disareable place to be a full-time resident. Like other people have stated on this page, this place used to be very affordable. NCJUA premiums Have gone up 4x in the last 10 years since we rebuilt our home here. That’s exceeds all % increases in the nation. Unacceptable. If it continues, watch the population start to decrease, starting with my family.
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Paying through the nose for home insurance and now that I have to use it thanks to Florence I'm getting low-balled by NCJUA for repairs!? Ridiculous!