What comes next as homeowners voice opposition to proposed insurance rate hikes?

LELAND, NC (WWAY) — The North Carolina Department of Insurance is still collecting public comments regarding proposed increases to homeowners insurance, but the department is also now waiting for the commissioner’s decision.

The department commissioner Mike Causey is expected to make a yes or no decision by the end of February.

Insurance companies represented by the North Carolina Rate Bureau are asking for an average increase of 42 percent for homeowners insurance rates across North Carolina.

Barry Smith is the deputy director of communications for the Department of Insurance.

He said the commissioner is always looking out for the state’s citizens.

“Historically, since I have been working at the Department of Insurance, almost 7 years, every time that the commissioner has gotten a request from the insurance companies to increase homeowners rates, he has said no,” Smith said. “So again, when he says no, he has to set up a hearing date.”

The hearing would be held several months after the decision is made.

The department has already received more than 15,000 comments about the proposed rate hikes and if you’d like to send your comments to the department, you can email them to NCDOI.2024Homeowners@ncdoi.gov.

The department will continue collecting comments until February 2nd.

And if you’ve looked at your car insurance recently and seen the price has gone up slightly, Smith said that was planned.

According to Smith, auto insurance rate increases were approved at 4.5 percent each year over the next 2 years.

He said issues such as an increase in drunk driving incidents and more distracted drivers on the road were reasons given for the increases.