Like many across the country, Habitat Charlotte Region homeowners have worked hard to earn the American dream of owning a house. Through our “Homeowners in Process (HIP)” program, they learn how to manage expenses associated with their investment including budgeting for insurance.
So, in January when the North Carolina Rate Bureau (on behalf of insurance companies serving the state) proposed rate increases averaging 42 percent, homeowners, insurance watchdog organizations and other non-profits flooded the N.C. Insurance Commissioner’s office with thousands of letters and phone calls protesting the hikes. Further, coastal community homeowners were shocked that their coverage might increase as much as 99 percent.
Later in January, a full day of public testimony was packed with speakers from across the state opposing the proposed rate hike.
Insurance companies say that rising inflation, cost of materials and labor are pushing up their costs. They also used climate change issues, ever increasing storm damage claims, and other repair costs justify the proposed rate increase.
The Insurance Commissioner ultimately rejected the increases in February and a hearing is set for October 7th where a court will determine what the new increases will be.
As we move into the fall toward the Nov. 5th General Election, Habitat Charlotte Region encourages you to stay educated on these issues so that Habitat families along with all at-risk homeowners including first-time homebuyers, elders, veterans, and disabled homeowners are not displaced due to unaffordable insurance rates.
Click on links below for additional information:
North Carolina Rate Bureau | NCRB
NC Insurance Commissioner rejects industry request for 42% hike to home insurance rates (wral.com)
