HomeHome InsuranceBipartisan congressional letter urges insurance commissioner to reject homeowners’ rate hike

Bipartisan congressional letter urges insurance commissioner to reject homeowners’ rate hike

New homes are seen under construction in Mebane, N.C., Monday, Jan. 10, 2022. Construction of new homes in the U.S. rose again in December as builders ramp up projects amid a persistent shortage of homes. The December increase left home construction at a seasonally adjusted annual rate of 1.70 million units, the Commerce Department reported Wednesday, Jan. 19, the third straight monthly gain. .(AP Photo/Gerry Broome)

RALEIGH — Republican Rep. Greg Murphy (NC-03) is one of several members of Congress from North Carolina to join a letter to state Insurance Commissioner Mike Causey outlining concerns over a steep proposed rate hike of 42.2% for homeowners’ insurance in the state and urging Causey to reject it.  

“The proposed surge in homeowner insurance rates will crush Eastern North Carolinians, particularly those residing along the coast,” Murphy said in a press release from his office announcing the letter 

“Record inflation and historic interest rates have already skyrocketed the cost-of-living for folks across the country,” Murphy said. “Increasing rates dramatically will supercharge this crisis and make homeownership even more difficult to attain. I urge Commissioner Causey to exercise his authority to deny these rate hikes and work to establish a constructive path forward.” 

The letter was signed onto by both Republican and Democratic members of North Carolina’s current Congressional delegation, making it a truly bipartisan effort. 

Republicans joining Murphy included Reps. Chuck Edwards, Virginia Foxx, Richard Hudson, and David Rouzer. Democrats signing the letter included Reps. Don Davis, Valerie Foushee, Jeff Jackson, and Wiley Nickel. 

“As thousands of families across the state continue to struggle with rising housing prices, an extreme rate increase on homeowners’ insurance would only place further financial burden on North Carolinians and make homeownership even more difficult to attain,” said Foushee. “I join my colleagues in urging Commissioner Causey to step in and reject these excessive rate hikes that would devastate our local communities and residents.” 

“North Carolinians are at their wits end – they’ve been saddled with crippling inflation and ballooning interest rates with seemingly no end in sight,” Foxx said. “The last thing they need to bear the brunt of is a surge in home insurance costs that will only exacerbate the financial strain that sits upon their shoulders.” 

“President Biden’s failed policies have led to historic inflation and higher interest rates, making living expenses more costly for families in the Sandhills. Raising insurance rates will only make the situation worse. I urge NC Insurance Commissioner Causey to intervene, reject these proposed hikes, and work with stakeholders to find a better solution,” Hudson added. 

In January, North State Journal reported that the rate table provided by Causey’s office showed rate increases across areas of the state ranging from a low of 4.3% in Haywood, Madison, Swain, and Transylvania Counties to a whopping 99.4% increase in the beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender Counties. 

The average increase across the 29 areas would be 39.1%, with the highest and lowest rates removed, the average increase drops to 33.9%, per the table.  

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