The North Carolina Rate Bureau is currently seeking to raise the average statewide homeowners’ insurance rates by 42.2% – 36.6% increase is proposed for Guilford County. This exorbitant increase would be another assault on housing affordability and force thousands of North Carolinians out of the homeownership market.
To see a specific table of proposed homeowners’ rate increases across the state, click link 2024 Territories with NCRB proposed rates | NC DOI
Any additional costs to housing, whether in construction or in necessary services such as insurance, means that many North Carolinians will not be able to keep or afford their home. The National Association of Home Builders’ study shows that nationally for every additional $1,000 in the cost of a home means that nearly 140,000 families would be priced out of the market.
Over the last 4 years, the housing industry has been crushed by systemic labor shortfalls, exorbitant material cost, and sharp increases in the cost of developable land. These costs have all been passed on to the homebuyer. A rate increase of this magnitude will impact most families in North Carolina and devastate young families, the elderly, and low-income families who are already financially stretched.
We need your help in attempting to stop this massive increase. Now is the time to reach out to the Commissioner of Insurance, Mike Causey, and ask him to oppose the proposed rate hike. This decision will impact all of us personally and professionally. Please do not hesitate to let the Commissioner know that this increase is out of line.
There are numerous ways to have your voice heard:
Submit Public Comments by February 2
• Emailed comments by February 2 to: NCDOI.2024Homeowners@ncdoi.gov
• Written public comments must be completed by February 2nd and mailed to Kimberly W. Pearce, Paralegal III, and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
Public Comment Forum on January 22
• A public comment forum at the North Carolina Department of Insurance will be held on Jan. 22 from 10 am to 4:30 pm, 325 N. Salisbury St., Raleigh, N.C. 27603.
• A concurrent virtual public comment forum will be held on Jan. 22 from 10 am to 4:30 pm. The link to this virtual forum will be: https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e