Greenville Reporter

Greenville, NC - Congressman Greg Murphy, M.D. is leading the charge in urging North Carolina Insurance Commissioner Mike Causey to reject the proposed increase in homeowner insurance rates recommended by the North Carolina Rate Bureau. The congressman believes that the surge in rates will have a devastating impact on Eastern North Carolinians, particularly those residing along the coast.

“The proposed surge in homeowner insurance rates will crush Eastern North Carolinians, particularly those residing along the coast,” said Congressman Greg Murphy, M.D.

Congresswoman Virginia Foxx also expressed her concerns, stating, “North Carolinians are at their wits end – they’ve been saddled with crippling inflation and ballooning interest rates with seemingly no end in sight. The last thing they need to bear the brunt of is a surge in home insurance costs that will only exacerbate the financial strain that sits upon their shoulders."

Congressman Richard Hudson echoed these sentiments, blaming President Biden's failed policies for the situation. He urged Commissioner Causey to intervene and find a better solution, stating, “Raising insurance rates will only make the situation worse. I urge NC Insurance Commissioner Causey to intervene, reject these proposed hikes, and work with stakeholders to find a better solution.”

Congressman David Rouzer added, “Such increases would negatively impact everyone who owns a home and make homeownership impossible for many. I am sure Commissioner Causey will reject these high rate increases and work to reach the best outcome attainable under Bidenflation."

Congressman Don Davis emphasized the impact on Eastern North Carolinians, saying, “Eastern North Carolinians are already grappling with rising costs and elevated interest rates. A potential surge in home insurance costs would only intensify these problems, putting homeownership, a cornerstone of the American dream, increasingly out of reach."

Congressman Chuck Edwards highlighted the financial burden on hard-working citizens, stating, “North Carolinians are already suffering from high inflation and interest rates. Excessively raising homeowner insurance rates would only increase the undue financial burdens on hard-working citizens."

Congresswoman Valerie Foushee raised concerns about the impact on families struggling with rising housing prices, stating, “As thousands of families across the state continue to struggle with rising housing prices, an extreme rate increase on homeowners’ insurance would only place further financial burden on North Carolinians and make homeownership even more difficult to attain."

The North Carolina Rate Bureau has proposed a significant hike in homeowner insurance rates, with an average increase of 42.2% statewide and coastal counties potentially facing an increase of over 99%. North Carolina Insurance Commissioner Mike Causey has the authority to accept or reject this proposal put forth by insurance companies.

In 2020, Commissioner Causey rejected the North Carolina Rate Bureau's initial request for a 24.5% rate increase and negotiated it down to 7.9%. Congressman Murphy and his colleagues are calling on Commissioner Causey to exercise his authority once again and deny these rate hikes.

The proposed rate hikes, coupled with the existing financial challenges faced by North Carolinians, would only worsen the cost-of-living crisis in the state. It is essential for Commissioner Causey to work toward finding viable and sensible solutions that alleviate the burden on homeowners and ensure that the American dream of homeownership remains attainable for all.