In recent months, North Carolina has found itself at the center of a heated debate surrounding proposed insurance rate hikes that could potentially impact residents, businesses, and the overall economic landscape of the state. The proposed increase in insurance rates has stirred up concerns and ignited discussions about the implications for consumers across the state.
The North Carolina Department of Insurance Commissioner, Mike Causey, publicly announced that the North Carolina Rate Bureau filed a rate filing asking for an average 42.4% increase in homeowners’ insurance rates statewide.
As North Carolinians at the coast are still licking their wounds from the devastation of Hurricane Florence, the requested insurance rate hikes in the coastal counties, including Brunswick, Carteret, New Hanover, Onslow and Pender Counties are at 99.4%.
On January 22, 2024, from 10 a.m. to 4:30 p.m., a public forum will be held in-person and virtually. You can attend the public forum in-person at the North Carolina Department of Insurance’s Jim Long Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C. 27603. You can participate at the same time virtually using the following link found on the website for the North Carolina Department of Insurance.
The North Carolina Department of Insurance Website has more information about how to send in written comments about the proposed insurance rate hikes. If you need to discuss a property insurance claim, please do not hesitate to contact our property insurance attorneys, Rebecca Ugolick (rugolick@howardstallings.com) and Robby Jessup (rjessup@howardstallings.com).