Homeowners insurance rate changes take effect June 1
Published 5:46 pm Wednesday, June 1, 2022
North Carolina Insurance Commissioner Mike Causey issued a reminder to homeowners in a Wednesday press release that insurance rate changes will take effect on June 1, 2022.
“Consumers will likely see the rate increase on policies that are taken out or renewed on or after today,” stated the release.
“We are very happy that North Carolina homeowners will save over $751 million in premium payments compared to what the NC Rate Bureau had requested thanks to negotiations last year,” said Causey. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
On November 9, 2020, the North Carolina Rate Bureau, which represents companies writing property insurance in North Carolina and is not a part of the North Carolina Department of Insurance, proposed an overall statewide average of 24.5 percent. “After studying the data, Commissioner Causey negotiated a settlement for a much smaller overall statewide increase of 7.9 percent,” stated the release.
In the local area – territories 110, 130 and 150 – the rate increase is 9.9 percent.
As part of the agreement, the Rate Bureau will not seek another homeowner’s rate increase until 2024 at the earliest, meaning this rate change will be in effect until at least 2024.
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