30 60 90 Triangle: Requesting An Average 42.2% Increase

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Triangle homeowners anticipate higher insurance costs following a recent filing

30 60 90 Triangle: Requesting An Average 42.2% Increase

30 60 90 TriangleScalene Triangle Equilateral Triangle
30 60 90 Triangle Scalene Triangle Equilateral Triangle

 

WTVD, RALEIGH, N.C. The North Carolina Rate Bureau filed a rate filing with the Department of Insurance on Friday, requesting an average 42.2% increase in homeowners insurance rates throughout the state, according to a statement made by Insurance Commissioner Mike Causey. Wake and Durham counties were to receive a slightly smaller increase, of 39.8%.

The suggested increases went into effect on August 1, 2024.

Usually, following a filing such as the one made public on Friday, the Department of Insurance and the Rate Bureau, which represents insurance companies, will negotiate new rates.

Before the two parties agreed on a more moderate 7.9% average increase statewide, the Rate Bureau filed for a 24.5% average increase in November 2020.

Raleigh homeowners were nevertheless displeased to learn of some of the new estimates being put forth.

John Seibert, a homeowner in Raleigh’s Forest Park, said, “I realize there’s inflation in the economy, but 45% is way beyond — even in an inflationary economy, it’s way, way high.”

In light of the insurance companies’ request for a steep increase that Seibert claims is out of line with inflation, he wonders what has changed in Raleigh.

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30 60 90 TriangleScalene Triangle Equilateral Triangle
30 60 90 Triangle Scalene Triangle Equilateral Triangle

 

“We really haven’t had a large risk like the coast where they have hurricanes, or some other type of event that would justify that kind of increase,” he stated. “Therefore, I constantly question why they are defending this kind of substantial rise?”

It might be considerably worse if you own a home on the beach or close to the coast. A 99.4% price increase for beachfront homes in counties such as Brunswick, Carteret, and New Hanover is one of the Rate Bureau’s proposed increases.

Although Cody and Danielle Leach say their home insurance rates have always been reasonable and they bought in Raleigh roughly four years ago, they were prepared for Friday’s news.

“That’s the most lagging effect of inflation,” said Cody. “They will raise premium prices if fixing items becomes more expensive. It is logical. Although nobody enjoys paying more, it’s not ideal, but I kind of expected it.”

Cody expressed his skepticism regarding the availability of ample legal recourse. Of haggling over prices after an agreement is made.

“At the end of the day if it’s truly because it costs more, then you’re not going to find a ton of savings elsewhere,” he stated. “It’s just the cost of doing business.”

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