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Insurance Rate Hikes Threaten Charlotte & North Carolina Homeowners

By
Real Estate Agent with Coldwell Banker Realty 179530

 

Huge Proposed Insurance Rate Hikes Threaten Charlotte & North Carolina Homeowners

 

Did you know that insurance companies have proposed massive rate increases for homeowners ranging from 17.4% to 30%? This is the second rate increase request in just TWO YEARS, with rates being increased 4.8% statewide on average in 2017On top of the recent property revaluations in Charlotte/Mecklenburg County, the last thing that homeowners need right now is a big increase in insurance rates. See the message below from the NC Homeowners Allicance.

 

"Last year, North Carolina’s homeowners convinced Insurance Commissioner Mike Causey to block an unreasonable homeowners insurance rate hike. We need to do it again!

The latest proposal from insurance companies would increase rates by an average of 17.4 percent, but for some consumers the increase could exceed 30 PERCENT!

Last year, NC Homeowners Alliance members around the state emailed and called Commissioner Causey to make sure he knew how the increase would harm homeowners.

We need your help again to tell Commissioner Causey to SAY NO to the insurance companies’ request. Please send the email below so Commissioner Causey can hear how this increase would hurt NC homeowners. The NC Homeowners Alliance will keep you informed."

 

North Carolina Homeowners MUST SAY NO! To Proposed Insurance Rate Hikes

 

North Carolina Homeowners AllianceYou can help fight this proposed rate hike by writing to North Carolina's Insurance Commissioner. Click here to go to the NC Homeowner Alliance's website where you can automatically generate a letter to Commissioner Causey. I've already sent two letters... one as a Realtor® and one as a Charlotte homeowner. It's quick and it's easy. If you're a North Carolina property owner, please send you own letter to SAY NO! TO INSURANCE RATE HIKES. There is strength in numbers as we saw last year!

 

If you're a Realtor® reading this and haven't yet taken action through the NC Realtors Action Center, click here to SAY NO! TO INSURANCE RATE HIKES on behalf of our industry in North Carolina.

 

 

This update about proposed insurance rate hikes in North Carolina is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts. We've been opening doors for Charlotte region home buyers and sellers for 20+ years.

 

If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:

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Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (42)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joe Pryor that's the point, Joe... they never provide really great justification. And this impact on home values, buyer ability to buy, etc. is precisely why the Charlotte Regional Realtor Association has gotten involved in getting its membership to lobby the insutance commissioner in Raleigh.

Jan 30, 2019 04:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. hi Endre... the question of the year! In the last election, Charlotte elected City and County Commissions that had not one Republican on them. One party is running the entire city right now. 

Jan 30, 2019 04:16 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gita Bantwal good morning, Gita... rates will go up, no doubt in my mind about that. The question will be by how much and if public pressure will bring the rate increase down to a much lower level.

Jan 30, 2019 04:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

James Dray for sure, James. I think it will be a question of how much they can be restrained. Public pressure last year kept the rate increases below 5% and hopefully public pressure will keep them low again this year. I'm going to continue to push this issue through my social media.

Jan 30, 2019 04:18 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, ours did the same thing last year, due to all the hail we get in Denver.  

Jan 30, 2019 06:32 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Insurance is always so darn expensive, it is not affordable to be insured and thus many end up having to run the risk of something terrible happening and not having insurance to cover it.

Jan 30, 2019 06:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... they've been trying for years in NC... so far, we've been able to hold back the increases due to public outcry.

Jan 30, 2019 06:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... most homeowners have no choice but to buy insurance... you can't get a mortgage without it. And I think that people who own their homes outright and are willing to take the risk to go without are a minority.

Jan 30, 2019 06:42 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, Seems like an unreasonable insurance hike for NC. I guess public pressure is needed once again!

Jan 30, 2019 07:57 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

What is the cause of the proposed rate hike? Weather-related claims? it seems bizarre that they can arbitrarily raise rates without some valid reason, or justification. Hope you are successful in fighting it...

Jan 30, 2019 08:08 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debb Janes EcoBroker and Bernie Stea JD somehow they always use the weather-related argument for increases, Debb. They do need to go through the insurance commissioner to get rate hikes approved... so they won;'t just raise them but need to negotiate an agreed upon increase. It's just annoying that we have to go through this every year. I sometime wonder if they do this on purpose to ensure some small annual increase.

Jan 30, 2019 08:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila and Larry... it seems we need to exert public pressure here every year vis-a-vis the insurance companies.

Jan 30, 2019 08:35 AM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA
Alexandria Virginia Homes For Sale

Nina, this is very important for North Carolina homeowners to read and voice their opinion on. The proposed increases are outrageous. Kudos to you for spreading the word. 

Jan 30, 2019 08:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Amanda S. Davidson hi Amanda... I firmly believe that when the public decides to speak, lawmakers and corporations listen.

Jan 30, 2019 12:35 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Nina - what is happening in NC.  Is it under valued properties and large claims.  Surely need to find the cause.

Jan 30, 2019 12:41 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... many older properties in Charlotte and Mecklenburg County were quite undervalued and it had been 8 years since the last revaluation. As for the insurance issue... these companies come every year and ask for outrageous increases and than fall back to something more reasonable after the public starts screaming.

Jan 30, 2019 12:47 PM
Roy Kelley
Retired - Gaithersburg, MD

This is important information to share with home owners and prospective home buyers.

Jan 30, 2019 01:43 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Roy Kelley no doubt about that, Roy! Homeowners need to lobby like mad the way they did a year ago.

Jan 30, 2019 01:51 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Welcome to my world, Nina.  This is what happened in Florida after the hurricanes and our insurance rates are pretty astronomical compared to a lot of the country.

Jan 31, 2019 06:55 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gabe Sanders hi Gabe... I know very well Florida's issues with hurricane insurance... I can't tell you how many seniors clients I've worked with over the years who moved up to my neck of the woods after selling their homes in Florida because those on more fixed incomes could not afford the insurance. 

Jan 31, 2019 08:36 AM