Triad homeowners face 36.6% insurance rate hike request

Don't panic, though, since the state insurance commissioner seldom agrees to a rate hike anywhere close to the bureau's full request, whether regionally or statewide.

N.C. Insurance Commissioner Mike Causey disclosed the bureau's filing Friday with an Aug. 1 effective date if approved for new and renewed policies.

The bureau represents companies that write insurance policies in the state and is a separate entity from the insurance department. It typically asks for rate increases - some substantially higher in areas prone to damage from natural disasters, such as hurricanes, floods and winter storms.

For example, the bureau wants a 36.6% rate hike for homeowners in Winston-Salem and Greensboro, as well as in Alamance, Davie, Forsyth, Guilford, Rockingham, Stokes and Surry counties.

It is by far the largest rate increase range sought by the bureau for the urban parts of the Triad since at least 2009.

The remaining requested increases are: 41.3% for Wilkes County; 25.2% for Davidson and Randolph counties; 22.3% for Yadkin County; and 20.5% for Alleghany, Ashe and Watauga counties.

It's the seventh rate increase requested by the bureau since 2009.

The rate hikes sought for the Triad were: 13% in 2009; 17.7% in 2012; between 16.2% and 20.6% in 2014; 17% in 2017; 20% in 2018; and 24.5% in 2020.

The approved increases for the Triad were: 3% in 2009; 7% in 2012; 0.1% in 2014; 5.5% in 2017; 3.5% in 2018; and 5.9% in 2020.

A public comment period is required by law to address the proposed rate increase.

A simultaneous in-person and online forum will be held from 10 a.m. to 4:30 p.m. Jan. 22 in the Albemarle Building, 325 N. Salisbury St. in Raleigh, and at https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e.

Written and emailed comments can be submitted through Feb. 2 at either NCDOI.2024Homeowners@ncdoi.gov, or to Kimberly Pearce, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

If the insurance department denies the bureau's rate requests, the commissioner will call for a public hearing.

Recent bureau rate hike requests have become fodder for primary and general election campaigns for insurance commissioners.

Causey, a Republican in his second term as commissioner, has faced criticism in particular from Democrat primary candidate David Wheeler for his willingness to agree to higher rate increases than his predecessors.

Wheeler also cited automobile, condominium and renter, dwelling and mobile home rate hikes approved by Causey.

"Causey has approved 18 rate hikes without taking any of them to a public hearing for input from policyholders, the public and consumer advocacy groups, or (go) to court to stop them," Wheeler said.

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