Murphy Leads Colleagues in Urging NC Dept. of Insurance Commissioner to Reject Homeowner Insurance Rate Hikes
Greenville, NC — Congressman Greg Murphy, M.D. led his colleagues in urging North Carolina Insurance Commissioner Mike Causey to reject the proposed increase in homeowner insurance rates recommended by the North Carolina Rate Bureau.
“The proposed surge in homeowner insurance rates will crush Eastern North Carolinians, particularly those residing along the coast,” said Congressman Greg Murphy, M.D. “Record inflation and historic interest rates have already skyrocketed the cost-of-living for folks across the country. Increasing rates dramatically will supercharge this crisis and make homeownership even more difficult to attain. I urge Commissioner Causey to exercise his authority to deny these rate hikes and work to establish a constructive path forward.”
“North Carolinians are at their wits end – they’ve been saddled with crippling inflation and ballooning interest rates with seemingly no end in sight,” said Congresswoman Virginia Foxx. “The last thing they need to bear the brunt of is a surge in home insurance costs that will only exacerbate the financial strain that sits upon their shoulders. Commissioner Causey should reject these proposed insurance hikes and lead the way in producing both viable and sensible solutions to address this.”
"President Biden’s failed policies have led to historic inflation and higher interest rates, making living expenses more costly for families in the Sandhills,” said Congressman Richard Hudson. “Raising insurance rates will only make the situation worse. I urge NC Insurance Commissioner Causey to intervene, reject these proposed hikes, and work with stakeholders to find a better solution.”
“While it certainly costs more to rebuild homes damaged by storms because of rampant inflation resulting from President Biden’s failed economic policies, arbitrary astronomical increases in insurance rates are out of bounds,” said Congressman David Rouzer. “Such increases would negatively impact everyone who owns a home and make homeownership impossible for many. I am sure Commissioner Causey will reject these high rate increases and work to reach the best outcome attainable under Bidenflation. Every citizen concerned about these proposed rate increases should register their opposition with the NC Department of Insurance.”
“Eastern North Carolinians are already grappling with rising costs and elevated interest rates. A potential surge in home insurance costs would only intensify these problems, putting homeownership, a cornerstone of the American dream, increasingly out of reach,” said Congressman Don Davis. “To prevent insurance rate increases, I joined my colleagues in urging Commissioner Causey not to move forward and instead find workable solutions that support the financial well-being of all our communities.”
“North Carolinians are already suffering from high inflation and interest rates. Excessively raising homeowner insurance rates would only increase the undue financial burdens on hard-working citizens,” said Congressman Chuck Edwards. “While insurance companies can raise their rates within reason, the new proposal to increase statewide homeowners insurance rates by 40-100%, would only worsen the cost-of-living crisis constituents are already facing.”
“As thousands of families across the state continue to struggle with rising housing prices, an extreme rate increase on homeowners’ insurance would only place further financial burden on North Carolinians and make homeownership even more difficult to attain,” said Congresswoman Valerie Foushee. “I join my colleagues in urging Commissioner Causey to step in and reject these excessive rate hikes that would devastate our local communities and residents.”
Background
The North Carolina Rate Bureau has proposed a significant hike in homeowner insurance rates of an average increase of 42.2% statewide, with coastal counties potentially facing an increase of over 99%.
North Carolina Insurance Commissioner Mike Causey has the authority to accept or reject this proposal put forth by insurance companies. In 2020, he rejected the North Carolina Rate Bureau's initial request for a 24.5% rate increase and negotiated it down to 7.9%.
Read the letter here
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