North Carolina Insurance Commissioner Mike Causey announced the North Carolina Rate Bureau filed with the NC Department of Insurance asking for an average statewide
increase in homeowners’ insurance of 42.2% with amounts as high as 99% in coastal
areas. The Rate Bureau has asked that the rate increase begin August 1, 2024.
Property owners throughout North Carolina are outraged. With cost-of-living increases
felt with food, services, taxes and fuel, the section of the population living on a fixed
income would no longer be able to make ends meet.
“I moved to North Carolina to retire. I had my budget worked out, I felt like I was in
control. Everyday I get notified of another increase. When does this stop?” Mary
Hartman stated, frustrated with not knowing if staying in North Carolina was going to be
realistic.
Coastal communities would be the hardest hit with a 99% requested increase. In
December, insurance for both property and vehicles increased for many in North
Carolina residents by an average of 9.8%