NCRB asks for 42.2% rate increase for homeowners insurance

NCRB asks for 42.2% rate increase for homeowners insurance

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Insurance Commissioner Mike Causey says that the North Carolina Rate Bureau (NCRB) has filed a rate filing with the North Carolina Department of Insurance asking for an average statewide increase in homeowners insurance rates of 42.2%.

According to the chart provided by NCRB the increase requested for the immediate Triad area is 36.6%

NCRB asked for the rates to become effective Aug. 1.

In November 2020, NCRB asked for a 24.5% increase in NC. After negotiations, Commissioner Causey and the Rate Bureau settled on an average rate increase of 7.9%.

It is important that you let your voices be heard!

NC Law requires a public comment period to give the public time to address the proposed rate increase.  Below are four ways you can comment on this:

  • 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 comments from the public will go to the North Carolina Rate Bureau. If the Department of Insurance doesn’t agree with the proposed rates, they will either deny them or negotiate with the North Carolina Rate Bureau. If no agreement is reached within 50 days, the Commissioner will arrange a hearing.

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What type of quote(s) would you like?

Here is a table of proposed homeowners rate increases across the state, please click here.

How do you prepare for this

You have some time to weigh your options so let’s talk about it so you are ready for a probable rate increase in August. A new policy? Bundle? Avoid claims? Let’s Talk

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