The North Carolina Commissioner of Insurance, Mike Causey, helps combat rate increases requested by the NC Insurance bureau.
The Commissioner needs to allow for some increases so that insurance companies can stay in business and afford to pay the claims but he is limiting their requests and we should all be happy about that news. The NC Rate Bureau requested a 50.6% increase and the Commissioner allowed for “only” a 8% increase, on dwellings specifically non-owner-occupied residences with four or fewer units. For residential occupied-homeowners, insurance companies requested for a 42% rate increase statewide( 99% increase for those specifically on the coast). This will be decided on October 1.
“Inflation’s already killing us. Our taxes are up. Groceries are up. Fuel prices are up. Our paychecks are not up. So, we’re struggling to make ends meet. That’s what I heard from people,” Causey said. His department received over 25,000 emails, phone calls, and letters about the proposal, voicing their concerns. My advice, keep those emails & calls going!! He is listening and taking action.
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