CHARLOTTE, N.C. — The cost of home ownership is increasing, including home insurance, as some of the country's largest providers are pushing for big rate increases.
Insurers are asking regulators to raise rates due to ongoing climate and weather concerns. And for the most part, these companies are getting what they want. Regulators are saying yes because they're worried companies will leave regions altogether if they don't go along with the proposals.
According to the Wall Street Journal, regulators have approved 98.8% of insurance increases. Since January 2023, 13 states have approved rate increases between 25%-36%.
In North Carolina, things are a bit better for homeowners. The Tar Heel State has approved increases of 15%-20%, while South Carolina's rate increases have been limited to just 10%-15%.
But as inflation rises and climate change leads to more severe weather, it's likely that rates for folks here could closely follow the trends we've seen nationwide.
Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina, and beyond with host Ben Thompson. Listen to the podcast weekly.
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