There is an ongoing battle in North Carolina over insurance, and February is the time for homeowners to voice their concerns.
In North Carolina, as in many states, the Department of Insurance reviews any requests by companies attempting to increase their rates. The NC-D.O.I is currently collecting public comments regarding proposed increases to homeowners’ insurance. The feedback is sought after several insurance companies have asked for an average increase of 42 percent. The proposed increase would impact those living closest to the ocean the most, gradually decreasing as you move inland.
The final decision will be made by Insurance Commissioner Mike Causey, who holds a statewide elected office. He is expected to make a yes or no decision by the end of this month.
A spokesperson for the Insurance Department, Barry Smith, told reporters he expects the rate increases to be rejected. “Historically, in my almost 7 years working at the Department of Insurance, every time the commissioner has received a request from insurance companies to increase homeowners’ rates, he has said no,” Smith said. “So again, when he says no, he has to set up a hearing date.”
That hearing would be held several months after the decision is made.
According to Smith, the department has already received more than 15,000 comments about the proposed rate hikes, and they are actively seeking more. If you’d like to submit your comments to the department, you can email them to NCDOI.2024Homeowners@ncdoi.gov
The department will continue collecting comments until February 22nd.