Insurance companies ask for 42.2% rate increase for homeowners’ insurance
Insurance Commissioner Mike Causey announced that the North Carolina Rate Bureau filed a rate filing with the North Carolina Department of Insurance on Wednesday 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.
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%.
A public comment period is required by law to give the public time to address the proposed rate increase. There are four ways to provide comments:
A public comment forum will be held to listen to public input on the North Carolina Rate Bureau’s rate increase request at the North Carolina Department of Insurance’s Jim Long Hearing Room on Jan. 22 from 10 a.m. to 4:30 p.m. The Jim Long Hearing Room is in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C. 27603.
A virtual public comment forum will be held simultaneously with the in-person forum on Jan. 22 from 10 a.m. to 4:30 p.m. The link to this virtual forum will be: https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e
Emailed public comments should be sent by Feb. 2 to: 2024Homeowners@ncdoi.gov.
Written public comments must be received by Kimberly W. Pearce, Paralegal III, by Feb. 2 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
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.
To see a specific table of proposed homeowners’ rate increases across the state, please click here.
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