North Carolina’s insurance rates set to skyrocket

By Theresa Opeka

Raleigh, NC – Temperatures may not be the only thing to rise this summer in North Carolina. The North Carolina Rate Bureau (NCRB) has requested a rate increase of 42.2% in homeowners’ insurance rates effective August 1, according to a press release from NC Insurance Commissioner Mike Causey. 

photo by Blake Wheeler

The NCRB represents companies that write insurance policies in the state and is a separate entity from the NC Department of Insurance (NCDOI).

North Carolinians who drive vehicles or motorcycles already felt a pinch in their wallets or pocketbooks in December when auto insurance rates increased by 4.5% and motorcycle liability rates increased by 2.3%. Both modes of transportation will see the same increase later this year under a settlement reached between the NCDOI and insurance companies. 

In November 2020, NCDOI received a request from NCRB for a 24.5% increase in homeowners’ insurance rates. The filing resulted in a settlement between Causey and NCRB for an overall average rate increase of 7.9%.

The public can voice their opinions during a public comment period. There are four ways to provide comments:

Public comments will be shared with the NCRB. If NCDOI officials do not agree with the requested rates, the rates will either be denied or negotiated with the NCRB.

Causey will request a hearing if a settlement can’t be reached within 50 days.

A specific table of proposed homeowners’ rate increases across the state can be found here.