Insurance Companies Ask For 42.2 Percent Rate Increase For Homeowners’ Insurance

RALEIGH – Insurance Commissioner Mike Causey announced that the North Carolina Rate Bureau filed a rate filing with the North Carolina Department of Insurance on January 3 asking for an average statewide increase in homeowners’ insurance rates of 42.2%.

In Johnston County, the proposed rate increase is 40.8 percent.

The Rate Bureau has asked for the rates to become effective August 1, 2024.

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%.

CLICK HERE TO SEE A BREAKDOWN OF THE PROPOSED RATE INCREASES BY AREA

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.

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9 COMMENTS

  1. And this RATE increase will be on top of the natural premium increase due to property value and building cost increases that raise the value you have to insure for. This is how inflation gets you coming and going.

    Remember that $2400 you got 3 years ago? Now you’re paying it back multiple times over. I tried to tell you you didn’t want it.

  6. That is a ridiculous request!! People are not going to be able to afford that insurance rate increase!! Causey better shoot that down to under 10% at most.

  8. This is absolutely rediculous! People cannot afford this rate increase on top of the already too high home owners insurance. Premiums. I retired with 30 years from state education, now I have to continue to work. While my spouse is truly disabled. What he gets for disability after working his entire adult life from his teens, is pitiful! We have an adult mentaly handicapped son who cannot work and must be cared for as well. We just had our homeowners insurance almost double on a 25 year old double wide because Farm Bureau will no longer insure us, with no claims. We cannot let it go because one storm or fire, we lose everything we have… People who own their homes get screwed every way we turn! This is so unfair to those who pay the taxes that run this state!

    • If you own your own home and cannot afford to ensure it, quit paying insurance and use the money saved to ensure you are protected from perils. Fire alarms, take down trees that may fall, make sure the home is tied down very well, etc.

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