Share Comments by Feb. 2 on Homeowners Insurance Rate Increase Request

 

Insurance Commissioner Mike Causey announced earlier this month that he North Carolina Rate Bureau filed a rate filing with the North Carolina Department of Insurance asking for an average statewide increase in homeowners insurance rates of 42.2%.

The Rate Bureau has asked for the rates to become effective Aug. 1.

“To many of our older adult and disabled clients on a fixed income, any increase to their monthly bills can wreak havoc on their finances,” said Executive Director Beth Morrison.

“The proposed 42% average increase in homeowners insurance rates would force already vulnerable homeowners to choose between basic needs and affording the critical protection of insurance for their home. RTGC often receives applications from homeowners who were forced to forego homeowners insurance when they could no longer afford it, and then disaster struck with a house fire or a fallen tree. Such a significant increase to the cost of homeowners insurance would leave countless neighbors uninsured and at risk of losing everything.”

In the five counties Rebuilding Together of Greater Charlotte serves, the proposed increases are:

  • Cabarrus County: 25.1%

  • Gaston County: 27.8%

  • Iredell County: 41.3%

  • Mecklenburg County: 41.3%

  • Union County: 41.3%

Public comments on the proposed rate increase can be sent via email by Feb. 2 to 2024Homeowners@ncdoi.gov.

All public comments will be shared with the North Carolina Rate Bureau. If Department of Insurance officials do not agree with the requested rates, the rates will either be denied or negotiated with the North Carolina Rate Bureau. If a settlement cannot be reached within 50 days, the Commissioner will call for a hearing.

The North Carolina Rate Bureau represents companies that write insurance policies in the state and is a separate entity from the North Carolina Department of Insurance.

This rate filing follows the homeowners insurance rate filing that the Department of Insurance received from the North Carolina Rate Bureau in November 2020, where the Rate Bureau requested an overall average increase of 24.5%. That filing resulted in a settlement between Commissioner Causey and the Rate Bureau for an overall average rate increase of 7.9%.

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News and EventsWill RimerHomeowners, Home Affordability, Homeowners Insurance, Department of InsuranceComment