The North Carolina Rate Bureau, representing the state’s homeowners insurers, is seeking an average statewide homeowners rate increase of 42.2%, Insurance Commissioner Mike Causey’s office said.
The bureau is asking for the new rates to become effective Aug. 1.
The average increases range widely, from 4.3% in Haywood, Madison, Swain and Transylvania counties to 99.4% in beach areas of Brunswick, Carteret, New Hanover, Onslow and Pender counties, according to the bureau.
Homeowners insurers in North Carolina have not requested a rate change since 2021, when they agreed to a 7.9% rate increase, negotiated down from their initial request of 24.5%.
As part of that agreement with the North Carolina Insurance Department, the bureau said it would not seek another rate change until 2024 at the earliest.
A public comment hearing and virtual hearing on the proposed rate increases will be held 10 a.m. to 4:30 p.m. Jan. 22 at the Albemarle Building, Raleigh. Emailed and written comments also will be accepted through Feb. 2.
If the department disagrees with the bureau’s request, the rates will be denied or negotiated with the bureau. If a settlement cannot be reached within 50 days, the commissioner will call for a hearing, the department said.
The top five writers of homeowners multiperil insurance in 2022 in North Carolina, based on direct premiums written, were: State Farm Group, with 16.09% market share; North Carolina Farm Bureau Insurance Group, 12.27%; USAA Group, 9.7%; Nationwide Property & Casualty Group, 7.52%; and Allstate Insurance Group, 6.49%, according to BestLink.