OBX homeowners face 17-percent insurance hike

By on March 5, 2013

snh6State Insurance Commissioner Wayne Goodwin signed an agreement with homeowners insurance companies Tuesday allowing a statewide average rate increase of 7 percent beginning July 1.

But the agreement allows rates to go up by 17 percent on the Outer Banks sections of Dare, Currituck and Hyde counties.

The insurance companies, represented by the North Carolina Rate Bureau, had requested a statewide average rate increase of 17.7 percent last October, including a rise of 30 percent for most of northeastern North Carolina.

The N.C. Department of Insurance said the average annual premium for $150,000 of coverage on the Outer Banks is currently $2,122. The new rate starting July 1 will move that premium to $2,482.

Examples include wind and hail coverage. If an insurer excludes wind and hail, coverage is provided under the beach plan, which includes an additional 5 percent surcharge.

Goodwin said that while NCDOI experts spent months studying the insurance companies’ request, it became apparent that some increase was justified, largely due to the steadily rising cost of reinsurance related to hurricane risks and ongoing concerns regarding availability.

Mainland areas of Currituck, Dare and Hyde will see an increase of 3.4 percent, or about $52 a year for $150,000 of coverage.

Bertie, Gates, Hertford, and Martin will jump by 7.4 percent. Beaufort, Camden, Chowan, Pasquotank, Perquimans, Tyrrell and Washington will only get bumped up by 1 percent.

The difference between the requested and settled rates amounts to $237 million in savings to policyholders, according to a news release.

In order to minimize the increase, the Department of Insurance elected to settle on rates, eliminating the need for the hearing scheduled for June 3.

“Homeowners insurance is a very complex issue. We face a great challenge in making sure that it is not only affordable, but available, to consumers across the state,” said Goodwin. “I feel this settlement helps strike that balance, and I am pleased that the increase will be significantly smaller than what insurers originally requested.”

In a statement Tuesday, state Rep. Paul Tine, D-Dare, criticized the decision, saying there is no data to show that inland areas are shouldering the cost of coastal losses.

“Our economy in the East is suffering while our cost of living continues to rise,” he said. “It is long past time that we develop a fair rate system that is based in historical data, not conjecture.”

The last homeowners insurance rate filing occurred in 2008 when the insurance companies requested a 19.5 percent statewide average increase.

A settlement agreement allowed for a 4.05 percent statewide average increase to go into effect in May 2009.

Additional resources from the NCDOI:
Homeowners insurance settlement agreement
Homeowners rate revisions by territory
North Carolina territory map


BIDDER PRE-QUALIFICATION REQUEST:

Barnhill Building Group has been selected as the Construction Manager @ Risk by the College of the Albemarle and is seeking to pre-qualify construction trade contractors to submit bids for the furnishing labor, materials, equipment, and tools for the new College of The Albemarle – Allied Health Sciences Simulation Lab (COA Health Sciences) located in Elizabeth City, NC. Please note: Only subcontractors who have been prequalified by Barnhill will be able to submit a Bid.

The project consists of the new construction of a 38,000-sf, 2-story expansion to the existing Owens Health Sciences Center and will house classrooms, labs, and a simulation lab. The site is just over just over 4.5 acres and is located on an active campus. This new construction will be a steel structure with a brick and metal panel veneer, curtainwall, and storefront glazing with a PVC roof membrane.

Principal trade and specialty contractors are solicited for the following Bid Packages:

BP0100: General Trades

BP0105: Final Cleaning

BP0390: Turnkey Concrete

BP0400: Turnkey Masonry

BP0500: Structural Steel & Misc. Steel

BP0740: Roofing

BP0750: Metal Panels

BP0790: Caulking / Caulking

BP0800: Turnkey Doors/Frames/Hardware

BP0840: Glass & Glazing

BP0925: Drywall

BP0960: Resilient Flooring

BP0980: Acoustical Ceilings

BP0990: Painting & Wallcovering

BP1005: Toilet Specialties / Accessories / Division 10

BP1010: Signage

BP1098: Demountable Partitions

BP1230: Finish Carpentry and Casework

BP1250: Window Treatment

BP1400: Elevators

BP2100: Fire Protection

BP2200: Plumbing

BP2300: HVAC

BP2600: Turnkey Electrical

BP3100: Turnkey Sitework

BP3290: Landscaping

Packages may be added and/or deleted at the discretion of the Construction Manager. Historically underutilized business firms are encouraged to complete participation submittals.

HUB/MWBE OUTREACH MEETING: Barnhill Building Group will be conducting a HUB/MWBE Informational Session. You are encouraged to attend the following session to learn more about project participation opportunities available to you. These seminars will help to: Learn about project and scope; Inform and train Minority/HUB contractors in preparation for bidding this project; Assist in registration on the State of North Carolina Vendor link; Stimulate opportunities for Networking with other firms. Location and time TBD. Please visit our planroom at https://app.buildingconnected.com/public/54da832ce3edb5050017438b for more information.

Interested contractors should submit their completed prequalification submittals, by July 22, 2024, to Meredith Terrell at mterrell@barnhillcontracting.com or hardcopies can be mailed to Barnhill Contracting Company PO Box 31765 Raleigh, NC 27622 (4325 Pleasant Valley Road, NC 27612).


 



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