North Carolina braces for potential 42.2% rise in homeowners' insurance costs

[jayboogieman]

Quote

Insurance companies in the state, through the North Carolina Rate Bureau (NCRB), have formally requested a significant hike in homeowners' insurance premiums. The proposed increase of 42.2%, announced by Insurance Commissioner Mike Causey, could take effect as early as Aug. 1.

This marks a notable jump from the 24.5% increase requested by the NCRB back in 2020. That proposal was ultimately negotiated down to 7.9% following discussions with Commissioner Causey.

Source

Link of the proposed rates by city and county

The proposed rate link is a PDF file.

[toldozer]

20 hours ago, jayboogieman said:

Source

Link of the proposed rates by city and county

The proposed rate link is a PDF file.

At this point the only thing that insurance protects is the insurance company.  We should all stop paying it.  fug it.  I don't know where in the blue hell these companies think all this money is going to continue to come from.  More Americans are living paycheck to paycheck then ever before even above the median income. We are completely fuged as a country and seeing a revolt very soon would not surprise me. There is nothing left to squeeze out of 80% of Americans.  It's scary

Edited January 8 by toldozer

[jayboogieman]

1 hour ago, toldozer said:

At this point the only thing that insurance protects is the insurance company.  We should all stop paying it.  fug it.  I don't know where in the blue hell these companies think all this money is going to continue to come from.  More Americans are living paycheck to paycheck then ever before even above the median income. We are completely fuged as a country and seeing a revolt very soon would not surprise me. There is nothing left to squeeze out of 80% of Americans.  It's scary

They'll squeeze everything they can from us including our homes. That said, odds are the insurance companies will get around an average of a 20% increase. They wanted a 25% increase a couple of years ago and got 8%, so they're being greedy again.

[toldozer]

53 minutes ago, jayboogieman said:

They'll squeeze everything they can from us including our homes. That said, odds are the insurance companies will get around an average of a 20% increase. They wanted a 25% increase a couple of years ago and got 8%, so they're being greedy again.

Some areas on that list were 99%. Seas are going to rise and start swallowing us up. They act like if that happened that they would pay out anyway.   Apparently up in the mountains they only need 6%

[jayboogieman]

16 minutes ago, toldozer said:

Some areas on that list were 99%. Seas are going to rise and start swallowing us up. They act like if that happened that they would pay out anyway.   Apparently up in the mountains they only need 6%

Yeah, they're hammering the coastal areas. I sort of get raising those rates, not that much though, because of hurricanes and NC gets hit often. That said, places 2 or more hours inland(Pitt, Wayne, Lenoir counties, etc) shouldn't getting hit as hard as they are. If you notice the mountain counties that have low populations have the lower rates, those that are more of a destination place have higher rates even if they're not as high as the rest of the state.

[toldozer]

15 minutes ago, jayboogieman said:

Yeah, they're hammering the coastal areas. I sort of get raising those rates, not that much though, because of hurricanes and NC gets hit often. That said, places 2 or more hours inland(Pitt, Wayne, Lenoir counties, etc) shouldn't getting hit as hard as they are. If you notice the mountain counties that have low populations have the lower rates, those that are more of a destination place have higher rates even if they're not as high as the rest of the state.

Oh you mean where there is more money. That's their game not that the rates need to be raised at different amount (outside the coast which I get) but these areas have more money let's take it

[LinvilleGorge]

There honestly seems to be a concerted effort to reduce home ownership. You'll own nothing and you'll be happy.

[jayboogieman]

14 minutes ago, LinvilleGorge said:

There honestly seems to be a concerted effort to reduce home ownership. You'll own nothing and you'll be happy.

Yep. Concentrating even more wealth at the top and leaving a class of serfs behind. Except this time, the serfs are having to pay rent too

[Happy Panther]

Fortunately (or unfortunately) P&C companies are not health insurers making obscene profits while charging $150 for advil.

P&C insurance companies have been losing money the past few years. The article quoted tells you why. They asked for 24.5% and only got 7%. So now they need 42%.

This is on top of the fact that your home and auto insurance already contains a dictionary full of exclusions. And if you make a claim they might drop you.

And keep in mind depending on where you live the company you may not even want your business.

The eventual solution is that home insurance gets handled by the state/subsidized and not private insurers. 

[Khyber53]

On 1/8/2024 at 2:01 PM, LinvilleGorge said:

There honestly seems to be a concerted effort to reduce home ownership. You'll own nothing and you'll be happy.

This is a massive deal right now. Investment groups buying up real estate left and right have been a major factor in our country's inflation and housing crisis. And they are making money hand over fist by then renting the properties out to people who no longer have a choice but to rent. They really found a barrel and just put everyone else over it.

And the insurance rate hike, in great part, is to cover the asses of those invested in this. And we must also remember that of any group in the US, the insurance industry has traditionally owned more real estate than any other group... including more than actual real estate developers.

It's not that the fix is in, it's that there's always another fix being found to do us in with.

I believe in capitalism but I believe it requires a cop on the beat to work properly. They bought the cops around here a long time ago.

[Davidson Deac II]

Fwiw, this is probably a negotation.

They ask for outrageous amounts, get a 1/3 of what they ask for, which is what they wanted in the first place.

[Happy Panther]

https://www.wral.com/story/nc-insurance-commissioner-rejects-industry-request-for-42-hike-to-home-insurance-rates/21270396/

Quote

NC Insurance Commissioner rejects industry request for 42% hike to home insurance rates

 

[Happy Panther]

On 2/2/2024 at 3:31 PM, Davidson Deac II said:

Fwiw, this is probably a negotation.

They ask for outrageous amounts, get a 1/3 of what they ask for, which is what they wanted in the first place.

Usually doesn't work like this. If the company submits something that is questionable from a data or math standpoint it gets sent back. Some real nerds work for the DOI.

Meaning 42% is probably really what is justified.

[Davidson Deac II]

2 hours ago, Happy Panther said:

Usually doesn't work like this. If the company submits something that is questionable from a data or math standpoint it gets sent back. Some real nerds work for the DOI.

Meaning 42% is probably really what is justified.

Admittedly I don't read the details, but didn't they originally ask for much higher amounts the last couple of times, and what they got ended up being less than half of what they originally requested?