Update: February 6, 2024
The North Carolina Department of Insurance denied the proposed insurance rate increase made by the North Carolina Rate Bureau. A hearing on this issue has been scheduled for October 7, 2024. Read the news release from the NCDOI here.
January 24, 2024
The Currituck County Board of Commissioners encourages all local property owners to submit public comments to the state government in opposition to a proposed rate increase to homeowners insurance.
The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance for a statewide average increase of 42.2 percent to homeowners insurance rates. The Currituck County Board of Commissioners strongly opposes these proposed rate increases, which would have a significant financial impact on citizens, and has sent an official letter to Mike Causey, NC Commissioner of Insurance, explaining the Board’s stance.
For Currituck County, if the request is approved, homeowners insurance rates would increase by 45.1 percent for properties located in beach communities (Territory 110) and by 33.9 percent for properties located in inland areas (Territory 130).
For example: Based on an insurance coverage of $200,000, the rate increase would be $4,220 for a property in the beach area and $1,775 for an inland property.
Submit public comments to the North Carolina Department of Insurance:
- Public comments may be submitted by email to 2024Homeowners@ncdoi.gov by February 2, 2024
- Public comments may be mailed to: Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, NC 27699-1201. Comments submitted by mail must be received by February 2, 2024.
The complete 2024 Homeowners Rate Filing by the NC Rate Bureau can be accessed here.