Friday is the last day for public comments on proposed homeowners insurance rate increase of up to 45.1% for the OBX
Earlier in January, Insurance Commissioner Mike Causey announced that the North Carolina Rate Bureau (NCRB) filed a rate filing with the North Carolina Department of Insurance asking for an average statewide increase in homeowners’ insurance rates of 42.2%, with Dare and Hyde Counties facing as high as 45.1% for beach areas and 33.9% for other inland areas.
A public comment period, which ends Friday, Feb. 2, is required by law to give the public time to address the proposed rate increase.
There are two ways to provide comments:
- 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.
All public comments will be shared with the North Carolina Rate Bureau. If Department of Insurance officials do not agree with the requested rates, the rates will either be denied or negotiated with the North Carolina Rate Bureau.
If a settlement cannot be reached within 50 days, the Commissioner will call for a hearing.
For more details on the potential rate increases, click here.
