The North Carolina Rate Bureau is composed of insurance companies proposing the state’s insurance commissioner increase home insurance rates by 42% across the state and around 35% for Winston-Salem. Pat Pate, the city manager, says that’s why the City Council has approved a stance against the proposed increase.
“If you’re having to pay 42% more for eggs or for your cable bill, people would be outraged at that.” said Pat.
The state’s commissioner, Mike Causey, says insurance company officials blame extreme weather and inflation for the proposed increase.
“My understanding is there’s been a lot of property damage across the country from various natural accidents that have occurred, but that doesn’t necessarily impact Winston-Salem,” said Pat.
Causey says he got more than 5000 letters about the topic.
“Everybody is mainly saying the same thing, we’re having a tough time, the groceries have gone up substantially, our taxes have gone up, what we’re paying for rent has gone up, and our income hasn’t kept pace with what we’re paying out, so people are struggling,” said Causey.
Since 2017, he has rejected the first proposals. But if he doesn’t, it will come into law in August.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.