Insurance companies push to raise cost of NC homeowner’s insurance

RALEIGH, N.C. (WBTV) – A hearing is underway this week in Raleigh that could raise the homeowner’s insurance rate for North Carolinians.

The 42.2 percent average statewide rate increase was proposed earlier this year by the North Carolina Rate Bureau (NCRB), which represents insurance companies.

The cost to homeowners will differ greatly, depending on where you live.

For homeowners in Mecklenburg and Union Counties, the rate increase would be 41.3 percent.

Based on the annual average cost of homeowner’s insurance, according to NerdWallet, that would increase the cost of homeowner’s insurance for people in Charlotte by about $800 per year.

Homeowners in Cleveland, Gaston, and Lincoln County would pay 27.8 percent more. That could mean approximately $500 more annually for homeowners in those three counties.

Coastal areas could see their homeowner’s insurance costs double, according to the proposal.

The North Carolina Department of Insurance (NCDOI) and Commissioner Mike Causey oppose the rate increase. Representatives from Causey’s office will be presenting evidence and arguing against the rate increase at this week’s hearing in Raleigh.

A representative with NCRB said a rate increase is warranted because of inflation and the increasing strength of storms, according to a transcript of Monday’s opening arguments.

The hearing is expected to last several weeks.

Copyright 2024 WBTV. All rights reserved.