North Carolina Faces Home Insurance Affordability Crisis Amid Rising Premiums
North Carolina is experiencing a significant home insurance affordability crisis, driven by rising premiums and the increased use of consent-to-rate (CTR) policies. CTR allows insurers to charge up to 250% above negotiated base rates for properties deemed risky, and its use has surged from 20% in 2012 to over 55%. This increase indicates that insurers find base rates insufficient, but it also undermines the rate-setting process, often leaving homeowners unaware of their elevated rates. Additionally, those with low credit scores face premiums more than double those of policyholders with high credit scores for similar properties. The state has also seen a freeze on adopting stronger building codes until 2031, which exacerbates the vulnerability of homes to disasters and increases insurance costs. 
