OBAR seeks to rally opposition to proposed 42.2% homeowner insurance hike
In a Jan. 13 message posted on its Facebook page, the Outer Banks Association of REALTORS (OBAR) is asking residents to send a message to NC Insurance Commissioner Mike Causey expressing opposition to the NC Rate Bureau’s (NCRB) request to raise homeowner insurance rates by an average of 42.2% statewide.
“Hardworking North Carolinians have experienced too many requests from NCRB,” declares the OBAR message. “These frequent requests, even if negotiated at lower rates, ultimately add up to overwhelming increases. Now North Carolinians are facing an even higher starting point of 42.2 percent. It is time to tell Commissioner Causey ENOUGH IS ENOUGH!”
On Jan. 5, Causey announced the rate increase request from the NCRB, which represents companies that write insurance policies in the state. The bureau has requested that the new rates become effective on Aug. 1.
“This rate filing follows the homeowners’ insurance rate filing that the Department of Insurance received from the North Carolina Rate Bureau in November 2020, where the Rate Bureau requested an overall average increase of 24.5%. That filing resulted in a settlement between Commissioner Causey and the Rate Bureau for an overall average rate increase of 7.9%,” Causey’s statement continued.
The current NCRB request—with the average increase at 42.2%—asks for a 45.1% increase for beach areas in Dare, Currituck and Hyde counties; a 33.9% increase in the coastal areas of Dare, Currituck, Hyde and Pamlico counties; and a 99.4% increase in the beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender counties.
The NC Insurance Commissioner’s office announced that there will be several opportunities for the public to weigh in on the NCRB request.
A public comment forum will be held at the North Carolina Department of Insurance’s Jim Long Hearing Room on Jan. 22 from 10 a.m. to 4:30 p.m. The Jim Long Hearing Room is in the Albemarle Building, 325 N. Salisbury St., Raleigh.
A virtual public comment forum will be held simultaneously with the in-person forum on Jan. 22 from 10 a.m. to 4:30 p.m. The link to this virtual forum will be: https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e
Emailed public comments should be sent by Feb. 2 to: 2024Homeowners@ncdoi.gov. Written public comments must be received by Kimberly W. Pearce, Paralegal III, by Feb. 2 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
In the meantime, OBAR is asking residents to weigh in on the rate proposal by clicking on https://www.votervoice.net/Broadca…/kJtQzsF1xtPF6gDT_wK6Dg
For more from Outer Banks Association of REALTORS visit their website.
