The state’s insurers, through the North Carolina State Rate Bureau (NCRB), have formally requested a significant increase in homeowners’ insurance premiums. The proposed 42.2% increase, announced by Insurance Commissioner Mike Causey, could take effect as early as August 1.
This represents a significant jump from the 24.5% increase requested by NCRB in 2020. This proposal was ultimately negotiated to 7.9% after discussions with Commissioner Causey.
The latest order will now be subject to a mandatory public comment period, allowing residents to voice their concerns before the North Carolina Department of Insurance makes a final decision.
There are four ways to provide feedback:
- A public comment forum to hear public input on the rate increase request submitted by the North Carolina Rate Office will be held in the North Carolina Department of Insurance’s Jim Long Hearing Room on January 22 from 10 a.m. to 4:30 p.m. in the Albemarle Building, 325 N. Salisbury Street, Raleigh, NC 27603.
- A virtual public comment forum will be held in conjunction with the in-person forum on January 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
- Public comments should be emailed by February 2 to: NCDOI.2024Homeowners@ncdoi.gov.
- Written public comments must be received by Kimberly W. Pierce, Paralegal III, by February 2 and directed to 1201 Mail Service Center, Raleigh, NC 27699-1201.
More about this
Copyright 2024 Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.