Rate Hike Proposed in 2024 for Homeowner’s Insurance

Tracie Eubank on January 19, 2024

NCRGEA urges you to let North Carolina Department of Insurance Commissioner Mike Causey know your comments concerning the North Carolina Rate Bureau asking for an average statewide increase in homeowners’ insurance rates of 42.4%, with some rates as high as 99.4%. To see a specific table of proposed homeowners’ rate increases across the state, please click here.

You can provide your comments four ways:

  • 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, 2024 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, 2024 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, 2024 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.

The North Carolina Rate Bureau represents companies that write insurance policies in the state and is a separate entity from the North Carolina Department of Insurance.

This rate filing follows the homeowners’ insurance rate filing that the Department of Insurance received from the North Carolina Rate Bureau in November 2020, where the Rate Bureau requested an overall average increase of 24.5%. That filing resulted in a settlement between Commissioner Causey and the Rate Bureau for an overall average rate increase of 7.9%.

The Rate Bureau has asked for the rates to become effective Aug. 1, 2024.

For a video from Commissioner Causey, on this rate increase, click the following link: https://ncdoi.sharefile.com/share/view/s5c733a53111e4cf68ff490ff5bd0f737

Rate increases affect everyone living in North Carolina; either directly for homeowners, or in increased rents as landlords pass the cost to renters. Don’t think that someone else will speak for you. Take action and let Commissioner Causey know how this will affect you.

Meetings Designed to Meet Your Needs

Tracie Eubank on January 18, 2024

NCRGEA’s Local Outreach was back on the road in September and October, and we held seven meetings throughout the state to provide information about open enrollment. As you all know, this is a very busy and sometimes confusing time with questions about medical, dental, and vision plans. Our goal was to provide members with helpful resources they may need to navigate the process.

Our meetings included representatives from Seniors’ Health Insurance Information Program (SHIIP), Humana, and our partner, AMBA. We value these relationships and the help they provide to the retirees in our state. All who attended said they learned something beneficial and enjoyed the meetings.

Please plan to attend future events, and be on the lookout for all the ways we communicate upcoming meetings:

  • Meeting announcements in Living Power
  • Postcard registration invitations
  • Online (www.rgea.info) and phone (919-834-4652) registration options
  • Email reminders for those who register

Our next meetings will be held in the spring of 2024 at a location near you. Check out the January edition of Living Power for dates, times, and locations, or go to our website for meeting details and how to register. You can also reach out if you have a group of state or local retirees and would like us to plan a meeting in your area. We’d be happy to arrange one!