SE North Carolina News

Jan 26 2024

WASHINGTON, DC - Congressman David Rouzer, along with other members of the North Carolina Congressional delegation, is calling on North Carolina Department of Insurance Commissioner Mike Causey to reject the proposed statewide increase in homeowners' insurance rates by the North Carolina Rate Bureau.

The North Carolina Rate Bureau has suggested a significant increase in homeowner insurance rates, with an average statewide increase of 42.2% and coastal counties potentially facing an increase of over 99%. In response to this proposal, Congressman Rouzer expressed concerns about the impact it would have on homeowners. He stated, "Such increases would negatively impact everyone who owns a home and make homeownership impossible for many."

Congressman Greg Murphy, M.D., also emphasized the potential negative consequences of the proposed rate hikes. He stated, "The proposed surge in homeowner insurance rates will crush Eastern North Carolinians, particularly those residing along the coast. 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."

Congresswoman Virginia Foxx echoed these concerns, highlighting the financial strain that many North Carolinians are already facing. She emphasized that the proposed increase in home insurance costs would only exacerbate this strain and urged Commissioner Causey to reject the proposed insurance hikes.

Congressman Richard Hudson expressed similar sentiments, attributing the rising costs to President Biden's failed policies. He urged Commissioner Causey to intervene and work with stakeholders to find a better solution, stating, "Raising insurance rates will only make the situation worse."

Congressman Don Davis emphasized the impact of the proposed rate increases on Eastern North Carolinians, who are already grappling with rising costs and elevated interest rates. He stated, "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."

Congressman Chuck Edwards emphasized the burden that excessive rate increases would place on hard-working citizens. He stated, "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."

Congresswoman Valerie Foushee voiced her support for rejecting the proposed rate hikes as well. She stated, "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."

The North Carolina Congressional delegation is urging Commissioner Causey to consider the potential negative consequences of the proposed rate increases and work towards finding alternative solutions that support the financial well-being of homeowners in the state.