The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance that proposes to increase homeowners’ insurance rates statewide by an average of 42.2 percent effective August 1, 2024. To view the letter to the Commissioner of Insurance, click here.
If approved by the North Carolina Department of Insurance, homeowners’ insurance rates in Pender County would increase by 99 % for properties located in beach communities and increase by 71.4 % for properties located in eastern coastal areas of Pender County.
The Pender County Board of Commissioners passed a resolution at the January 16th meeting opposing the proposed increase in homeowner’s insurance rates by the North Carolina Rate Bureau. A certified copy of the resolution was sent to the office of North Carolina Commissioner of Insurance, Mike Causey.
In this resolution, the Board states that “it is of the opinion that the North Carolina Rate Bureau’s requested increase is inequitable, disproportionate, and unjustified, and will likely harm Pender County, its residents, its tourism industry, the welfare and property of the County’s residents and property owners, and economic development in Pender County.”
The North Carolina Rate Bureau represents companies that write insurance policies in the state and is a separate entity from the NC Department of Insurance. The North Carolina Department of Insurance is a state agency, and they negotiate with the
To view a PDF of the resolution, please click here.
A public comment period is required by law to give the public time to address the proposed rate increase. Public comment period ends February 2nd, 2024.
Emailed public comments should be sent to: 2024Homeowners@ncdoi.gov.
Written public comments must be addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201 and must be received by Kimberly W. Pearce, Paralegal III by Feb 2.