LKG homeowners in NC could see a 40 percent insurance hike

Lake Gaston Gazette-Observer (NC)

The North Carolina Department of Insurance received a rate filing proposal from the North Carolina Rate Bureau that would increase homeowners' insurance rates by an average of 42.2%, effective Aug. 1, if approved.

Homeowners in Halifax and Northampton counties would see their homeowners insurance rates increase by 40.8%. The proposed Warren County homeowners insurance rate hike is 39.3%.

The NCRB is not an entity of the Department of Insurance. The North Carolina General Assembly created the NCRB in 1977. The NCRB represents insurance companies that write insurance policies in the state.

A North Carolina Department of Insurance press release revealed a public comment period is required by law to allow the public ample time to address the rate increase proposal.

North Carolina citizens have four ways to comment on the proposal. From 10 a.m. to 4:30 p.m., on Jan. 22, a forum will be held for public input at the Jim Long Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh. Citizens can also join a virtual forum at the same time.

Citizens can email comments to [email protected] or submit written comments to Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, N.C. 27699-1201. The North Carolina Department of Insurance requires the emailed and written comments to be received by Feb. 2.

The NCRB homeowners insurance increase proposal is as much as 99.4% in beach areas in the state's southeastern part. Homeowners in Brunswick, Carteret, New Hanover, Onslow, and Pender counties would see the doubling of their homeowners insurance should the request go through as is.

The NCRB rate increase proposals are not new. In 2020, the organization sought a 24.5% average homeowners insurance increase in North Carolina. The NCRB and North Carolina Insurance Commissioner Mike Causey negotiated a lower North Carolina state average rate increase of 7.9%.

Causey will call for a hearing if the two sides fail to agree to the latest NCRB request within 50 days.