MINNESOTT BEACH, N.C. (WITN) – The Town of Minnesott Beach has joined a growing number of towns and counties that have passed resolutions against a proposed homeowner’s insurance rate hike.
The town joined the likes of Atlantic Beach, Carteret County, and others on Monday when it passed its resolution protesting what the town said was a proposed 33.9% increase for Pamlico County from the North Carolina Rate Bureau.
Town officials said in the resolution that the increase was unreasonable and would harm homeowners as well as reduce affordable housing in the area.
Beach areas of Carteret and Onslow Counties could see a 99.4% increase. Eastern coastal areas of those counties could see a 71.4% increase. Duplin and Lenoir Counties could see an increase of 71.3%.
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.
This rate filing follows the homeowners’ insurance rate filing that the Department of Insurance received from the North Carolina Rate Bureau in November 2020, where the Rate Bureau requested an overall average increase of 24.5%. That filing resulted in a settlement between Commissioner Causey and the Rate Bureau for an overall average rate increase of 7.9%.
A public comment forum was held at the North Carolina Department of Insurance’s Jim Long Hearing Room on Jan. 22 to listen to public input on the rate increase request
Public comments can be emailed to the department but have to be received by by Feb. 2 to: [email protected].
Written public comments sent by regular mail must be received by Kimberly W. Pearce, Paralegal III, by Feb. 2 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
Minnesott Beach’s resolution mirrors other towns and counties in asking North Carolina Insurance Commissioner Mike Causey to reject the proposed increase.
If Department of Insurance officials do not agree with the requested rates, the rates will either be denied or negotiated with the North Carolina Rate Bureau. If a settlement cannot be reached within 50 days, the Commissioner will call for a hearing.
To see a specific table of proposed homeowners’ rate increases across the state, click here.