Over the past few months my various master mind groups have been talking about the increase of home insurance rates. Climate change is causing more flooding and fires, therefore increasing insurance rates. In some places out west, the annual rate jumped $25,000! The big insurance companies have pulled out of CA and FL, making it much harder for people to buy homes. It was only a matter of time until that “loss of income for the big cooperate insurance groups” would be felt by the rest of the nation.
Now, 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 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.
The Rate Bureau has asked for the rates to become effective Aug. 1.
See this PDF for rate increases per county.
NOW IS THE TIME FOR ACTION. WE CAN DO SOMETHING ABOUT THIS! In the past when extreme insurance rates have requested, public opinion has swayed the NC Insurance Commission to negotiate for much less increase. When we all work together, we can make a difference.
You can do one or all of these things to help stop the rate hike:
- Complete this form Stop The Hike
- 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.
- Emailed public comments should be sent by Feb. 2 2024Homeowners@ncdoi.gov
- Attend 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 is https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e