Homeowners Insurance

[B6_Dolphin]

With regards to increases, my homeowners went up 22% from 2022 to 2023, and now another 50% from 2023 to 2024. This after the rates were staying relatively flat from when we bought the house in 2017.

 

[alarmguy]

Be glad you don't live along the NC coast. The NC Insurance Commission currently is considering an insurance industry request for a 42% rate increase on homeowners insurance. Twenty one years there with zero claims by me. Not good.

Well, "considering" is a must as that is what the insurance commission representing insurance companies submitted to the state of North Carolina. I just wanted to make that clear. The State is not considering giving an average 42% increase.

An increase was submitted to the state for that amount and now they have to consider and and slash it down by 75%. 85% or more.
IN 2022 they asked for the same 42% increase and got slightly less than 10%


"The North Carolina Rate Bureau represents companies that write insurance policies in the state and is a separate entity from the North Carolina Department of Insurance."

If they got their way our area would go up 70%. Not happening if it makes you feel better, I expect to see around 9% instead of 70%
"Proposed Increase" is not proposed by any state agency.

https://www.ncdoi.gov/2024-territories-ncrb-proposed-rates/open

Here you go -

Insurance Commissioner Mike Causey rejects insurance companies’ average 42.2% rate hike request

North Carolina Insurance Commissioner Mike Causey today said “No” to the insurance companies’ average 42.2% proposed increase in homeowners’ insurance rates.

www.ncdoi.gov

Commissioner Causey continues dwelling insurance rate hearing to July 2024

North Carolina Insurance Commissioner Mike Causey has continued the hearing for the insurance industry’s proposed statewide average 50.6% dwelling insurance rate increase to July 22. The hearing had been scheduled for Monday, April 8. The hearing will begin at 10 a.m. in the N.C. Department of...

www.ncdoi.gov

 

[thastinger]

A tidbit of homeowners insurance here. BIGTOG'ers tend to be in the know so apologize if it's not pertinent. Review your policy and determine if you are being charged replacement for your land. My land is a little over 3 acres and about 180k if it were an unimproved building lot. Years ago when I reviewed my policy home value was $750-850k and I was paying a premium based on that. I called my insurance company and they knew exactly what I was asking and removed the land value from my policy. For many years, up until the recent inflation hikes, my premium including a million umbrella, was $75 a month.

Caveat: I'm on a small mountain and do not have town water or sewer and everything is solid granite so the only underground infrastructure I have is a 40ft run of electric and water pipe from my well. I also have no issues with flooding or slides or anything else that could seriously damage my property.

Why don't you self insure?