For Immediate Release: December 21, 2018

Contact: Barry Smith at 919-807-6014

N.C. Rate Bureau asks for 17.4 percent rate increase for homeowners' insurance

RALEIGH -- The North Carolina Rate Bureau has requested the N.C. Department of Insurance increase homeowners' insurance rates 17.4 percent effective Oct. 1, 2019. The N.C. Rate Bureau represents the state's insurance companies and is a separate entity from the N.C. Department of Insurance.

The Rate Bureau attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance.

Last year, the Rate Bureau requested an 18.9 percent increase in homeowners' insurance rates, but Insurance Commissioner Mike Causey settled, instead, on an average 4.8 percent rate increase.

A public comment period is required by law to give the public time to address the Rate Bureau's proposed rate increase. There are three ways to provide comment:

All public comments will be shared with the N.C. Rate Bureau. If Department of Insurance officials do not agree with the requested rates, they will either be denied or negotiated with the N.C. Rate Bureau. If a settlement cannot be reached, a hearing will be called within 50 days.

For filing details, click here.