Hyde County encourages public input for proposed homeowners’ insurance rate increase

Published 3:20 pm Thursday, January 18, 2024

Insurance Commissioner Mike Causey announced that the North Carolina Rate Bureau (NCRB) filed a rate filing with the North Carolina Department of Insurance on Wednesday asking for an average statewide increase in homeowners’ insurance rates of 42.2%, with Hyde County facing as high as 45% for beach areas and 33.9% for other areas.

“The proposed homeowners’ insurance rate increase would significantly impact families and businesses in Hyde County. On behalf of the Hyde County Board of Commissioners we are urging homeowners, business owners, and all citizens to actively participate in the public comment period,” states Hyde County Manager Kris Cahoon Noble. “This public comment period represents an important opportunity for the public to make their voices heard, to share their concerns, and engage in the decision process.”

A public comment period is required by law to give the public time to address the proposed rate increase.  There are four ways to provide comments:

  • A public comment forum will be held to listen to public input on the North Carolina Rate Bureau’s rate increase request at the North Carolina Department of Insurance’s Jim Long Hearing Room on Jan. 22 from 10 a.m. to 4:30 p.m.  The Jim Long Hearing Room is in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C. 27603.
  • Written public comments must be received by Kimberly W. Pearce, Paralegal III, by Feb. 2 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the North Carolina Rate Bureau.  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.