Home insurance rate hike proposed

Macon County residents could see home insurance rate hikes this summer. According to the N.C. Department of Insurance, the N.C. Rate Bureau has asked for the rate hikes. The bureau represents companies that write insurance policies in the state and is a separate entity from the NCDOI.

Macon County is part of a region - including Cherokee, Clay, Graham and Jackson counties - slated for an 8.5% increase. That increase is one of the lower proposed hikes across the state. The highest proposed rate hikes are in the coastal regions, the highest being 99.4%. The average state rate hike would be 42.4%.

The rates would become effective Aug. 1. The NCDOI requested public comments on this increase. Public comments should be sent by Friday, Feb. 2, to 2024Homeowners@ncdoi.gov.

If Department of Insurance officials do not agree with the requested rates, the rates will either be denied or negotiated with the North Carolina Rate Bureau. If the two sides can't agree on a settlement within 50 days, N.C. Commissioner of Insurance Mike Causey will call for a hearing.

The last rate hike came in November 2020 when the N.C. Rate Bureau requested an average increase of 24.5%. A settlement between the NCDOI and the bureau averaged an increase of 7.9%. Media reports indicate that several beach towns have filed resolutions against the proposals and numerous citizens have made public comments in objection to the rate hikes.

In a Jan. 17 video message, Causey said he was "committed to fighting for lower rates."

In a Jan. 22 statement, Causey noted that the 50-day review expires Feb. 22 and that the department will determine whether the proposed rate hike is "excessive, inadequate or unfairly discriminatory."

"If it is, I will call for a hearing on the matter and will fight for our consumers to ensure that any proposed increase is reasonable and actuarially sound," Causey stated, pointing out that although the Rate Bureau submitted the requested increase, the request has not been approved.