99% home insurance hike sought by firms at NC beach areas; inland eastern NC areas increase at 57%, officials say
RALEIGH, N.C. (WNCN) — Insurance companies are seeking to essentially double insurance rates at beach homes along the North Carolina coast and some inland eastern North Carolina counties would have more than a 50 percent rate hike, according to a Friday news release from the North Carolina Department of Insurance.
As an average across the state, the North Carolina Rate Bureau, representing companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
The highest rate increases — at 99.4 percent — would impact homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated in a detailed breakdown of the plan across North Carolina.
Areas not on the coast, but still in the eastern part of Brunswick, Carteret, New Hanover, Onslow, and Pender counties, would see an increase of 71.4 percent in home insurance rates under the bureau’s plan, North Carolina officials said.
Insurance firms seek 42% average rate hike for NC homes, officials say
Homeowners in Bertie, Greene, Martin, Pitt, and Wayne counties would see their home insurance rates jump by 57.8 percent, according to a detailed breakdown from the North Carolina Department of Insurance.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
Other eastern counties of Duplin and Lenoir have a proposed hike of 71.3 percent while Columbus County would get a 63.1 percent increase in the plan from the insurance companies.
Closer to Raleigh, Edgecombe and Wilson counties would see an increase of 57.8 percent in their average home insurance rates under the proposal, the news release said. Bladen and Robeson counties would see nearly the same hike at 56.1 percent, the North Carolina Rate Bureau plan said in details from the state.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
Under the proposal from the insurance companies, the rate hike would begin on Aug. 1.
Some other North Carolina coastal areas would not see an increase even as large as the state average. Insurance companies are seeking a 33.9 percent hike in coastal areas in Currituck, Dare, Hyde, and Pamlico counties, state officials said.
Meanwhile, even beach areas in Currituck, Dare, and Hyde counties would get half the increase sought by insurance companies in the southern coastal areas at 45.1 percent.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
An earlier rate increase request for homeowners insurance from the bureau in November 2020 was for an average hike of 24.5 percent in North Carolina. However, after a settlement with the North Carolina Department of Insurance, the overall rate increase ended up being 7.9 percent, the news release.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
A public comment period is required by law to give the public time to address the proposed 42.2 percent rate increase.
All public comments will be shared with the North Carolina Rate Bureau.
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.
RELATED: Click here for list of rate hikes sought by firms in counties and towns in North Carolina.
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 NCDOI.2024Homeowners@ncdoi.gov. (NOTE: This email address did not appear to work as of Jan. 6)
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.
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