NC Commissioner of Insurance Mike Causey recently announced that his office agreed to a 10.5% rate increase for dwelling insurance policies that cover wind damages to second homes and vacation rental units in Emerald Isle and other barrier island communities in North Carolina. The approved rate increase is significantly less than the 39.6% rate increase originally requested by the NC Rate Bureau (the entity representing NC insurance companies).
The dwelling rate settlement follows a previous settlement regarding homeowners insurance rates earlier this year. For homeowners insurance, the NC Rate Bureau had requested increases ranging from 25% - 40% for Emerald Isle and other barrier island communities, and Commissioner Causey ultimately settled that issue with 5.5% - 12% increases.
The Town is pleased that the approved rate increases are much lower than originally requested by the NC Rate Bureau, and appreciates Commissioner Causey's efforts. However, the Town continues to assert that homeowners and dwelling insurance rates are excessive in Emerald Isle and other barrier island communities (as much as 4 - 5 times higher than many other communities in NC), and has repeatedly requested that Commissioner Causey work with the NC General Assembly to implement a fairer rate structure. The Town will continue to work toward this goal in the future.
Friday, August 3, 2018 10:31:00 AM