RALEIGH, N.C. (WECT) – North Carolinians will see an increase in new or renewed homeowners’ insurance rates beginning June 1.
In November 2020, following a record-breaking hurricane season, the North Carolina Rate Bureau (NCRB) requested a 24.5% statewide average increase in homeowners’ insurance rates. During the following public comment period, the North Carolina Department of Insurance (NCDOI) received over 6500 emailed comments.
A lack of documentation justifying the increase resulted in this proposed rate being reduced to an average statewide increase of 7.9%.
In the Cape Fear region, residents in New Hanover, Brunswick, and Pender counties will see an increase of 9.9%; homeowners in Columbus and Bladen counties will see a 5.9% increase. Click here for details of increases across all counties in North Carolina.
According to the NCDOI, as part of the agreement, the Rate Bureau will not seek another homeowners rate increase until 2024 at the earliest; therefore, this new rate will remain in effect until at least 2024.
“I am happy to announce that North Carolina homeowners will save over $751 million in premium payments compared to what the NC Rate Bureau had requested thanks to negotiations last year,” said Commissioner Mike Causey. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
The previous 2018 rate filing resulted in homeowners’ insurance rates increasing on May 1, 2020 by an average of 4% statewide.
The NCRB is not part of the NCDOI; it represents all companies writing property insurance in the state.
Copyright 2022 WECT. All rights reserved.