Proposed Homeowner's Insurance Rate Increase
The North Carolina Rate Bureau (NCRB), a "non-government entity that serves the insurance industry in North Carolina" per the North Carolina Association of Realtors (NCAR), has requested that NC Insurance Commissioner, Mike Causey, raise the homeowner's insurance rate up to 25% in most counties. These requests are not new but the idea that this is being proposed during a time when so many homeowners are dealing with the issues caused by the Covid-19 pandemic such as unemployment or under-employment, is incomprehensible.
The NCRB request was made on November 9th, 2020 but a Call to Action from the NCAR has already gone out to REALTOR® members. It is my hope that this request is denied but I thought I'd give you a heads up. I've attached a PDF with all the counties listed and the proposed percentage of rate increase. I'll continue to follow developments and update as appropriate.