North Carolina News

North Carolina Rate Bureau Wants 43% Hike in Dwelling Rates for 2023-24

The North Carolina Rate Bureau has recommended a statewide average increase of 42.6% over the next two years for dwelling property policies. The rate hikes would be an average of 19.6% for April 2023 and 19.2% for 2024, the bureau’s …

SURE Expands Offerings in Storm-Prone North Carolina

SURE, a member-owned insurance company for coastal homeowners, has expanded to North Carolina, a market that continues to harden. The coverage will be underwritten by SageSure, the managing general underwriter for SURE, the company said in a news release. SURE …

Report: Previously Flooded Carolina Homes Pose Risk to Buyers

A new Natural Resources Defense Council report exposes potential hidden costs associated with purchasing a single-family home with a flood history in North Carolina. According to the report, “Estimating Undisclosed Flood Risk in Real Estate Transactions,” these costs can add …

Slump in Auto Sales Leads to Outlook Downgrade for Discovery Insurance in Carolina

AM Best financial rating service announced it has downgraded the outlook for North Carolina-based Discovery Insurance Co., from stable to negative after a decline in the non-standard auto insurer’s earnings and surplus. “This decline is due primarily to deteriorating underwriting …

North Carolina Judge Orders Lindberg to Give Up Control of Firms to Repay Insurers

A North Carolina court has ordered jailed insurance and business entrepreneur Greg Lindberg to relinquish control of hundreds of his firms in a plan to salvage four of his insurance companies. The judge in Wake County found that Lindberg committed …

Historic Black Town in Carolina One Hurricane Away from Disaster

As she exits her hometown’s only restaurant clutching an order of cabbage and hush puppies, Carolyn Suggs Bandy pauses to boast about a place that stakes its claim as the oldest town chartered by Black Americans nearly 140 years ago. …

Fire Destroys Huge QVC Distribution Center in North Carolina

What was described as a “massive” fire destroyed most of a sprawling QVC distribution center in Rocky Mount, North Carolina, shutting down a major employer just days before Christmas. About 75% of the home-shopping network facility was destroyed in the …

North Carolina Homeowners Premiums to Rise 7.9% on Average

North Carolina homeowners will see insurance premiums climb an average of 7.9% next year, but that’s much less of an increase that a state rating bureau had requested, the state insurance commissioner announced. The North Carolina Rate Bureau had proposed …

North Carolina DOI Reaches Settlement on Mobile Home Rate Hikes

The North Carolina Department of Insurance has settled a months-long disagreement with the state’s rating bureau on mobile home insurance rates, resulting in an increase that’s about half of what insurers had wanted. Insurance Commissioner Mike Causey announced this week …

Campaign Calls on U.S. Insurers to Reject Fossil Fuels

A handful of consumer and climate groups are calling on the insurance industry to ditch fossil fuels as part of a new campaign called Insure Our Future. The entreaty came on the eve of this week’s Global Climate Action Summit, …