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Home insurance rates in North Carolina could jump as high as 42.2% if a proposed filing is approved. For some coastal areas, rates could increase by as much as 99.4%. The national average annual cost for home insurance is currently $1,754, and experts are predicting double-digit increases in 2024.

Residents in North Carolina are opposing the proposed insurance rates as potentially crippling to their budgets. Hundreds of people voiced their concerns at a feedback session, with one resident stating she would be forced to move if rates double.

North Carolina’s Insurance Commissioner has assured residents that he will fight for lower rates, acknowledging that the proposed increase may sound shocking. Meanwhile, home insurers have pulled away from writing policies in states like Florida, and the cost of covering claims and reinsurance for catastrophes has surged.

Insurance companies are arguing that rate increases are necessary to account for higher claims costs and restore profitability margins. In California, Allstate has requested a 39.6% rate hike. In Florida, home insurance premiums increased by an average of 35% at renewal. Farmers was approved for rate increases of more than 25% in Illinois and Texas.



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