House Passes Legislation to Reform Homeowners Insurance Ratemaking Process

The North Carolina House this week approved legislation that would enact cost-saving reforms to the homeowners insurance rate-making process.

HB 151, ‘Property Insurance Ratemaking Reform,’ sponsored by representatives Paul Tine (Kitty Hawk), Mitchell Setzer (Catawba), Darren Jackson (Raleigh) and John Bell (Goldsboro), is supported by the North Carolina Association of Realtors® (NCAR).

“Keeping homeowners insurance available and affordable for working families is a major policy priority for Realtors®,” said NCAR President Tony Smith. “This bipartisan bill provides homeowners with the protection they so desperately need.”

HB 151 reforms the way insurers calculate rates and requires the use of in-state, historical data in modeling software.  Consumers need these measures, according to Smith, to ensure accountability and transparency in the rate-making process.

“Last session, the House unanimously passed a similar bill by Rep. Tine,” said Smith. “We hope this year’s General Assembly will follow suit and pass this important insurance reform for the benefit of homeowners.”

Source: NCAR

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