North Carolina REALTORS® Work to Keep Homeowners Insurance Affordable
Virtually all mortgage companies require homebuyers to purchase homeowners insurance. However, that insurance can be expensive. The North Carolina Association of REALTORS® has made affordable homeowners insurance a priority. Through its past and continuing efforts, the association has been working to protect property rights and homeownership by keeping the cost of homeowners insurance fair and reasonable for North Carolinians.
Recently, insurance companies asked North Carolina’s insurance commissioner to approve a rate increase for homeowners insurance. The requested rate increase would have raised premiums by an average of 25% across the state. In response, the North Carolina Association of REALTORS® successfully lobbied for a hearing on the issue, where the insurance commissioner approved a combination of regional rate adjustments. The result was a net zero average increase in homeowner insurance premiums.
In addition, the association has created the North Carolina Homeowner Alliance, which provides consumers information regarding homeowners insurance and other issues.
The North Carolina Association of REALTORS® continues to make access to affordable homeowners insurance a priority. Through its lobbying efforts, the association is pursuing reform in the rate-setting process to make it more fair, accurate and transparent to consumers. The association also supports giving the insurance commissioner more power to control the rates insurance companies charge for homeowners insurance.
The North Carolina Association of REALTORS® is dedicated to working to keep homeowners insurance affordable, so that more North Carolinians can obtain a mortgage and achieve homeownership.