NORTH CAROLINA – As thousands of North Carolina families and nonprofits work to rebuild the homes devastated by Hurricane Helene, they are confronting a secondary disaster: a homeowners insurance crisis that threatens to make recovery financially impossible for many residents. Most recently, insurance companies in the state demanded a 68.3% average rate increase for housing insurance — a slap in the face after Hurricane Helene survivors have dealt with a year of denied claims and dwindling options.
“North Carolinian homeowners and families who lost everything in Hurricane Helene, and are already facing unnecessary delays and denials by their insurers, could now face rate hikes that could double or triple,” said Kyle Herrig, Unlocking America’s Future. “Given Insurance Commissioner Mike Causey’s pattern of siding with insurance corporations over his constituents, state legislators and other elected officials must act now to prevent these insurance companies from exploiting homeowners. Without intervention, North Carolina could see property values collapse as families are priced out of rebuilding.”
Since 2019, North Carolina homeowners have experienced a 38% increase in insurance premium rates, with some insurers requesting rate increases of up to 99% in some areas. The crisis has been exacerbated by major insurers abandoning the North Carolina market entirely, exploiting a regulatory loophole known as the “250% consent law.” This provision allows insurance companies to exit the state without regulatory approval if their rates would need to increase by more than 250% to remain profitable.
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