Take Action! Proposed Homeowners Insurance Rate Increase

Proposed Homeowners Insurance Rate Increase

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.

If approved by the North Carolina Department of Insurance, homeowners insurance rates in Dare County would increase by 45.1 percent for properties located in beach communities (Territory 110) and increase by 33.9 percent for properties located in inland areas (Territory 130).

Based on $200,000 in coverage, these proposed rates would result in a substantial increase in the cost of Dare County homeowners insurance policies: an increase of $1,312 for those with homes in the beach communities. With these proposed increases and $200,000 in coverage, the base rate for homeowners insurance in Dare County beach areas would therefore increase to $4,220. 

Southern Shores Town Council strongly opposes these astronomical homeowners insurance rate increases, which, if implemented, would make homeownership unattainable for many first-time buyers and be extremely difficult for current homeowners to afford—particularly Dare County’s teachers, first responders, medical personnel, government employees and service industry staff, among many others. Many homeowners will opt for higher deductibles in order to avoid the exorbitant insurance premiums. This will result in homeowners receiving smaller insurance claim payments, which will directly impact their ability to recover from storm damage or other disaster events.

Southern Shores Town Council has sent a letter expressing its opposition and concerns and encourages the residents of Dare County to do the same. The deadline for public comment is February 2, 2024. See below for all ways to participate.

Take Action! Submit Your Public Comment to the North Carolina Department of Insurance:

Individuals who are opposed to the proposed homeowners insurance rate increases are strongly encouraged to express their concerns by submitting a public comment to the North Carolina Department of Insurance before the February 2, 2024 deadline. Public comments in opposition to the increase can be submitted in the following four ways:

In Person:  A public comment forum will be held on Monday, January 22, 2024 from 10 a.m. to 4:30 p.m. at the North Carolina Department of Insurance’s Jim Long Hearing Room, which is located within the Albemarle Building at 325 N. Salisbury St., Raleigh, N.C. 27603.

Virtually:  A virtual public comment forum will be held simultaneously with the in-person forum listed above on Monday, January 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

Email:  Emailed public comments should be sent by Friday, February 2, 2024 to 2024Homeowners@ncdoi.gov.

Mail: Public comments can also be submitted by mail and must be received by Friday, February 2, 2024. Please include your full name and address and send your written public comments to: Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.