Two For Tuesday | January 23, 2024


1.  Department of Insurance Considering Approval for a Staggering Insurance Rate Increase for Homeowners

The NC Department of Insurance recently announced a proposed homeowners’ insurance rate increase request of 42.2% from the NC Rate Bureau.  Commissioner Mike Causey, who leads the Department, issued a press release yesterday clarifying the current status of the request.  Read the release.  A hearing was held on the request and numerous comments from the public were offered and accepted. View the story authored by Jullia Kauffman at WNCN.

Our industry partners at the NC REALTORS® have put together and Informational Hub on the proposed rate increase.  View details and take action!

My take:  Every additional amount that’s added to the cost of a home, prices a certain segment of buyers out of the market, and piles on another troublesome roadblock to housing affordability.  A move to substantially increase the cost of homeowners’ insurance at a time when housing prices are at historic highs and interest rates are up from where they were a few short years ago seems wrong-headed.  About three years ago, insurers asked for a 25% increase and received 8%.  Maybe that’s the game then.  Ask for 42% and hope to get 14%.  Insurance companies exist to collect premiums and deny claims.  This is not an indictment, it’s the reality of the business.  And it is a business that incurs costs just as anyone else does.  Let’s hope that cooler heads prevail, and if an increase is approved, it is one based on the right reasons.    

 2.  Home Builders Association of Greater Charlotte (HBAGC) Announces Jenifer Gooch as new Executive Officer

The HBAGC announced yesterday the hiring of Jenifer Gooch as their new Executive Officer.  She has been involved with the real estate and residential construction industry for over ten years.  Through varying roles, she has learned the ins and outs of community development, market analysis and land acquisition.
Jen began her journey in the home building industry with Shea Homes as a community coordinator.  She enrolled in the Master of Real Estate and Finance program at UNC Charlotte’s Belk School of Business, where she spent her days at Shea and nights and weekends immersed in her studies.

Upon graduating in 2017, she embarked on a different path as the Regional Director of Metrostudy, a provider of residential market information.  During her time there, she came to know many of Charlotte’s real estate industry leaders and honed her market analysis skills.  Her most recent role took her deeper into development, where she learned how to source, underwrite, and contract land deals.  As Director of Acquisition of Mattamy Homes, she has witnessed first-hand the challenges facing our regional market.

The goal of the HBAGC is to provide avenues and outlets for its members to engage in advocacy, networking, service for the community, and opportunities for education.  Her experiences and passion for home building have given her a unique perspective of the market and will enable her to be an effective leader of the organization.  In her “free time,” you can find her chauffeuring her two kids Lila (12) and Sam (8) to school and sporting events, while taking care of two dogs, and setting aside a few minutes to paint.

My take:  I have enjoyed working with Jen over the years and am excited about her new opportunity.  Her understanding of the industry in terms of technical data, culture, and ability to thrive in an arena of competing personalities should give her a leg up for success.  Welcome Jen!        

Rob Nanfelt
Executive Director, REBIC

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