The North Carolina Department of Insurance released a proposal from insurance companies Friday, January 5th, that seeks a more that 42.2% average increase on homeowner’s insurance. Rate increases sought are 99.4% at the coast.
A public comment period is required by law to give the public time to address the proposed rate increase.
Below is a detailed breakdown of the requested rate increases by counties, towns and regions in North Carolina:
- Beach areas in Currituck, Dare and Hyde Counties – 45.1%
- Beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender Counties – 99.4%
- Coastal areas in Currituck, Dare, Hyde and Pamlico Counties – 33.9%
- Eastern Coastal areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties – 71.4%
- Coastal areas in Beaufort, Camden, Chowan, Craven, Jones, Pasquotank, Perquimans, Tyrell & Washington Counties – 25.6%
- Western Coastal areas of Brunswick, Carteret, New Hanover, Onslow & Pender Counties – 43%
- Gates and Hertford Counties – 30.4%
- Bertie, Greene, Martin, Pitt, and Wayne Counties – 57.8%
- Duplin and Lenoir Counties – 71.3%
- Columbus County – 63.1%
- Edgecombe and Wilson Counties – 57.8%
- Cumberland and Sampson Counties – 45.5%
- Bladen and Robeson Counties – 56.1%
- Franklin, Halifax, Johnston, Nash, and Northampton Counties – 40.8%
- Harnett, Hoke, and Scotland Counties – 39.9%
- Granville, Person, Vance, and Warren Counties – 39.3%
- Cities of Durham and Raleigh, and Durham and Wake Counties – 39.8%
- Chatham and Orange Counties – 25.1%
- Lee and Moore Counties – 28.4%
- Anson, Montgomery, and Richmond Counties – 26.1%
- Cities of Greensboro and Winston-Salem. Alamance, Davie, Caswell, Forsyth, Guilford, Rockingham, Stokes, and Surry Counties – 36.6%
- Cabarrus, Davidson, Randolph and Rowan Counties – 25.1%
- Yadkin County – 22.3%
- City of Charlotte along with Alexander, Iredell, Mecklenburg, Stanly, Wilkes and Union Counties – 41.3%
- Cleveland, Gaston Lincoln, and Rutherford Counties – 27.8%
- Alleghany, Ashe, Buncombe, Burke, Caldwell, Catawba, Henderson,
McDowell, Polk, Watauga, and Yancey Counties – 20.5%
Avery and Mitchell Counties – 7.6%
Haywood, Madison, Swain, and Transylvania Counties – 4.3%
Cherokee, Clay, Graham, Jackson, and Macon Counties – 8.5%
If North Carolina 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, Department of Insurance Commissioner Mike Causey will call for a hearing.
Below are the ways to provide public 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 an email at
- 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.
