Jimmy LaRue, Kamaria Bray, Maddie McDonald
3 weeks ago
OUTER BANKS, N.C. (WABY) – The Outer Banks Association of Realtors urges North Carolina residents to reject what it calls a “cash grab” by insurance companies that increases homeowners' insurance rates by more than 40 times the state's insurance policy. He called on committee members to submit a letter. %, and nearly 100% for coastal residents.
10 On Your Side's KaMaria Braye spoke to North Carolina real estate agent advocate Willo Kelly about his concerns about this increase.
“We argue that it goes too far. It is unfair discrimination.”
Major insurance companies, represented by the North Carolina Rate Board (NCRB), have asked North Carolina Insurance Commissioner Mike Causey to increase homeowners insurance rates by 42.2%, according to the Outer Banks Association of Realtors. The increase represents a 99.4% increase for homeowners living near the coast, according to the real estate agency.
“You know, I was very aware that wealthy people live along the coast. Now, we come out on the west side of the highway. What we're looking at is teachers, EMS, trade. These are people who work in the service industry. You know, people have this illusion that the Outer Banks is just a giant vacation home by the ocean, and that's not the case,” Kelly said.
He added that North Carolinians are struggling, with homeowners facing significant increases in property taxes, groceries and other necessities, and “any further burden is unacceptable.”
The proposed increases for each area are as follows:
| area | current rate | proposed increase | The proposed interest rate will take effect on August 1st. |
| Interior Currituck, Dare, and Hyde Counties | $1,775 | 33.9% | $2,377 |
| Elizabeth City, Camden, Edenton, Pasquotank, Perquimans, Washington | $1,465 | 25.6% | $1,840 |
| Barrier Island portions of Dare, Currituck, and Hyde Counties | $2,908 | 45.1% | $4,220 |
“That's a huge blow. And what will it look like five years from now? Oh yeah, that's a real worry,” Kelly said.
The association is calling on people to petition against this decision. this link.
The rate hike could take effect from August 1st. A public comment session will be held in Raleigh on Monday, January 22nd.
This session, which can also be attended virtually, is scheduled to begin at 10 a.m. on January 22 and end at 4:30 p.m. The link to the conference is here.
