Insurance commissioner blocks 42% increase in rates for NC homeowners

RALEIGH, N.C. — The people spoke out against a proposed homeowners insurance rate increase, and the state is stepping in to block the request.

Channel 9 previously reported when the North Carolina Rate Bureau submitted a plan to raise rates by eye-popping amounts. The rates varied across the state, but averaged out to a 42.2% increase. Property owners along the coast were facing a 99% increase in homeowners insurance rates, while homeowners in Charlotte and Mecklenburg County faced a 41% increase.

The Rate Bureau is an independent agency that represents insurance companies.

North Carolina Insurance Commissioner Mike Causey said on Tuesday that he rejected the insurance companies’ proposed rates, calling them excessive.

Causey is calling for a hearing to give the proposal a “more thorough review.”

“I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers,” Causey said in a statement shared with Channel 9.

Causey said his department has received “more than 24,000 emailed comments on this proposal,” along with hearing from people during a public comment forum last month.

According to reporting by WRAL, the North Carolina Rate Bureau is seeking bigger increases for coastal homeowners because of the impacts of climate change causing more devastating storms.

The state says a hearing has been set for Oct. 7, and an order for the rates will be issued within 45 days after the hearing.

You can see all of the proposed tax rates by county at this link.

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