Today, January 22, 2024 from 10:30am to 4:30pm, the NC Department of Insurance (NCDOI) is hosting an in-person and virtual public comment opportunity regarding the proposed rate increases released earlier this year by the North Carolina Rate Bureau. The proposal calls for an average 42.2% increase for homeowners insurance across the stateIn some regions, including Brunswick, New Hanover, Onslow, and Pender Counties, the proposed increase is as high as 99.4%. Here is a detailed list by cities and counties of the requested increases.
You can participate in the public comment session today in two ways:
To participate in person today between 10:00 am – 4:30 pm, January 22, 2024
The Jim Long Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh, NC 27603.
To participate virtually today between 10:00 am – 4:30 pm, January 22, 2024
https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e
Ongoing Calls to Action
- Participate in the public comment session in person or online (January 22, 2024).
- Give examples of how these increases would impact your home, your community, and/or your business:
- Call NCDOI at 919-807-6014
- Email – NCDOI.2024Homeowners@ncdoi.gov
- Write and send your public comments to Kimberly W. Pearce, Paralegal III by February 2 addressed to 1201 Mail Service Center, Raleigh N.C. 27699-1201
All public comments will be shared with the North Carolina Rate Bureau. If the 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 of Insurance will call for a hearing.
Impacts
This impacts homeowners whether they own their homes outright or are still making payments, meaning it impacts EVERYONE who is a homeowner, including those with low-moderate income or limited income already. It also impacts developers, builders, and property managers.
Unless addressed, the insurance premium inflation trend will cause harm to existing affordable housing communities and prevent the ability of developers to finance desperately needed new affordable housing supply.
To view the press release from the NC Department of Insurance click here.
To view the report from the NC Rate Bureau see part 1 here and part 2 here.
