Public comments being accepted for proposed homeowners’ insurance rate increase of up to 45.1% for the Outer Banks
Insurance Commissioner Mike Causey announced that the North Carolina Rate Bureau (NCRB) filed a rate filing with the North Carolina Department of Insurance on Wednesday 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 is required by law to give the public time to address the proposed rate increase. There are four ways to provide comments:
- A public comment forum will be held to listen to public input on the North Carolina Rate Bureau’s rate increase request 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, N.C. 27603.
- 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.
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.
