RALEIGH, N.C. (WNCN) — North Carolina Insurance Commissioner Mike Causey has rejected the proposed 42% average insurance rate increase for homeowners , he announced Tuesday morning.
“We went every day going through every line of that proposal,” Causey (R) said. “I’ve always said ‘no’ since I’ve been in this office to every proposed rate hike request for automobiles and homeowners.”
The North Carolina Rate Bureau, which represents insurance companies, made the request to the state Department of Insurance. The last rate hike was approved in 2020.
The state received feedback from around 25,000 homeowners from across North Carolina, the majority of whom were in opposition to the significant rate hike. Causey described the public as “outraged” and “shocked” at the proposed increase.
“People said that they were struggling with the high cost of groceries and fuel. Taxes have gone up in their localities,” said Causey of the comments received from homeowners. “I heard loud and clear what the public said.”