Proposal for higher insurance rates heads to September hearing
February 7, 2019: North Carolina Insurance Commissioner Mike Causey has set Sept. 4, 2019, as the hearing date for the North Carolina Rate Bureau’s proposed statewide average 17.4 percent homeowners’ insurance rate increase.
The NCRB filed the average statewide 17.4 percent increase on Dec. 20, 2018. The filing covers insurance for residential property, tenants, and condominiums at varying rates around the state. Under the NCRB proposal, the biggest increases would be felt along the coast.
Read the Feb. 7, 2019 statement from the NC Department of Insurance
NC Department of Insurance website
April 18, 2018:
Insurance Commissioner Mike Causey announced today the N.C. Department of Insurance has ended the legal dispute with the North Carolina Rate Bureau on its proposal for an 18.7 percent homeowners’ insurance rate increase. Commissioner Causey has negotiated an almost 14 percent lower rate for an average 4.8 percent increase statewide.
The 4.8 percent increase will vary according to territory with a cap of 5.5 percent statewide instead of the 25 percent bump on the coast initially proposed by the NCRB. For instance, in Currituck County on the Outer Banks, residents who insure a $200,000 frame home will see an average $120 difference in their annual premium or $10 per month.
Read the April 18, 2018 statement from the NC Department of Insurance