Homeowners could face insurance rate increase

by: Catherine Bilkey Updated:


CHARLOTTE, N.C. - Every single homeowner in North Carolina could soon have to pay more for insurance, and it's not just a little jump. Eyewitness News uncovered documents that show insurance companies are pushing for a hike on average of 25 percent.

Documents were just filed today by the N.C. Rate Bureau, which represents every company that writes homeowners insurance policies in the state. It's asking for an average increase of 25 percent.

The actual dollar amount will vary by what part of the state you live in, but if approved, it would go into effect on August 1.

"They just put in an increase last year," Adam Burg said. "They put in an increase this year -- what's it going to be next year?"

According to the North Carolina Department of Insurance, new homeowners insurance rates went into effect in July.

The insurance commissioner already spoke out against the hike: "I am appalled that the insurance companies would request another increase just six months later," Insurance Commissioner Wayne Goodwin said in a statement. "I believe the insurance companies should withdraw this rate filing immediately. If they do not, the insurance companies should expect a full hearing on this matter; I will not entertain any settlement negotiations."

This isn't a done deal by any means. There will be an opportunity for people to speak up about this during a public session in Raleigh on Jan. 24. The Department of Insurance said they will determine if any rate adjustments are warranted. Eyewitness News reached out to the group representing the insurers, but we did not immediately hear back.

Want to be the first to know about the news of the day? Watch live streaming video on the WSOC-TV mobile app and iPad app, and join us on Facebook and Twitter.