North Carolina home insurance coverage Archives

North Carolina Commissioner rejects proposal to increase insurance rates

March 7, 2024March 6, 2024 Nordstrom

Drivers and property owners are reducing their coverage to afford their premiums North Carolina Commissioner Mike Causey has announced that he recently turned down a request made by insurers to boost homeowners’ insurance rates by an average of 42.2 percent. In some beach areas, the hike would have been 99.4 percent According to Causey, he was not provided with adequate evidence to support the claim insurers made that they would need to increase insurance rates by that amount. “I haven’t seen the evidence to justify such a drastic rate increase…

North Carolina home insurance customers could see 42 percent rate hike

January 10, 2024January 9, 2024 G. Turner

The state’s rate bureau has requested the increase, which would go into effect this summer. This summer, things could be heating up in North Carolina’s home insurance market, as the state rate bureau has requested a massive 42.2 percent rate increase that would go into effect on August 1 if approved. The rate increase request was announced by NC Insurance Commissioner Mike Causey in a news release. The North Carolina Rate Bureau (NCRB) represents home insurance companies that write policies in the state. It is an entity that is completely…