NC Rate Bureau Seeking 50 Percent Increase In Dwelling Insurance Premiums

RALEIGH – North Carolina Insurance Commissioner Mike Causey has set April 8, 2024 as the hearing date for the North Carolina Rate Bureau’s proposed 50.6% dwelling insurance rate increase. 

“We are not in agreement with the Rate Bureau’s proposed increases filed July 13, 2023,” said Commissioner Causey. “The next step, according to statute, is to set a hearing date. It is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

The hearing will begin at 10 a.m. in the Second Floor Hearing Room at the Department of Insurance, 3200 Beechleaf Court, Raleigh.

The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. State law gives the Insurance Commissioner 45 days to issue an order once the hearing concludes. Once the order is issued, the NCRB has the right to appeal the decision before the N.C. Court of Appeals. A court of appeals order could then be appealed to the N.C. Supreme Court.

The NCRB and DOI can settle the proposed rate increase at any time during litigation.

The NCRB filed the average 50.6% dwelling increase on July 13. The filing covers insurance for fire and extended coverage at varying rates around the state. Under the NCRB proposal, the increases would be felt statewide with most consumers seeing a double-digit increase.

The last NCRB dwelling rate increase filing was in 2022 that resulted in a settlement of 9.9%, which took effect June 1, 2023.

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8 COMMENTS

  1. Greedy scumbags, already got a 9+ percent increase this past July and now wants a 50+ percent more. What a bunch of greedy scumbags.

    Want to know why we are having issues right now. Greedy scumbag landlords and insurance companies. This is nothing but G R E E D.

  2. Nothing to see here… Causey will negotiate at 20% increase and then tell all the sheeple that he “saved” them 30%. And they’ll all vote to re-elect him. #VoteOutIncumbents

  3. This is stupid. 50%? They seek high because they know they will settle around 25 which is what they want ! Insurance is the biggest scheme ever. Why don’t they put in there for the ones who file no claims they should be made to pay back 50% of what was paid in

  4. Wow, what is it that they want? Do they want Homeowners to give up their homes. Everyone in Government takes, takes then takes some more till there is nothing left. We keep working and working just to stay afloat then this. We need new Government, and we need to get rid of the animals that keeps taking.

    • @Steve: You realize that the insurance companies and the NC rating bureau *are not* the government, right? The insurance companies are private businesses, and the NCRB is an unincorporated ratings bureau that is *NOT* affiliated with the NC Department of Insurance. There’s no government requirement to have homeowner insurance. I’m not sure why you’re so upset with the government?

        • @SMH: And the sheeple keep reelecting them over and over. Let’s put the blame in the right place. The US Constitution guarantees companies the ability to donate money, but maybe you want to limit our 1A rights? #VoteOutIncumbents

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