NC Insurance Rates | NC Insurance Commissioner rejects 42 percent rate increase for property insurance

NC Insurance Rates | NC Insurance Commissioner rejects 42 percent rate increase for property insurance

RALEIGH, N.C — North Carolina Insurance Commissioner Mike Causey rejected on Tuesday the insurance industry’s request for a high rate increase for North Carolina homeowners.

Insurance companies petitioned this year for a 42 percent rate increase statewide, alongside a 99 percent increase for property owners located in some parts of Eastern North Carolina, specifically on the coast.

A court date is set for Oct. 7.

However, issues could be resolved before then if Causey and the industry representatives agree on a smaller number that both sides are comfortable with.

The proposed insurance rate hike comes at a time when inflation continues to rise. The latest data shows a 3.4 percent increase from last year.

Following the initial rate increase request, property owners across the state reached out to voice their concerns.

Causey and his office have received more than 25,000 phone calls, emails and letters from North Carolinians about the proposed rate hikes-including many of the state’s elected officials. Causey said nearly 100 percent opposed the requested rate increase.

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