The state insurance commissioner says a proposed homeowners insurance rate hike is not justified and he's calling for a hearing on the request.
Insurance companies want an average 17.7% hike across the state, but the jump would be 30% in 18 coastal counties.
Insurance Commissioner Wayne Goodwin says they received approximately 8,800 comments, and some 35 people showed up last week in Raleigh to oppose the proposal. Goodwin says companies used a hurricane model where future losses are derived that doesn't appear to the adequately documented or justified.
The hearing will be held 10:00 a.m. June 3rd in Raleigh.
Companies can appeal Goodwin's decision in the courts.
The deadline for you to weigh in on a proposed homeowners insurance hike is tomorrow.
The North Carolina Rate Bureau, which represents the insurance industry, has asked for an average increase of 17.7 percent for homeowners insurance statewide.
That includes a proposed 30% hike for eighteen counties on or near the coast. Already the homeowners in those counties pay five times higher rates that those in the western part of the state.
Those counties are Beaufort, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Hyde, Jones, New Hanover, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Tyrrell, and Washington.
You can submit a written public comments to email@example.com. The deadline for submitting written comments is October 19.
According to the Department of Insurance, more than 3,900 emailed or written comments were received by Thursday
A press release reports "the rate filing will be reviewed by Department of Insurance experts to determine what, if any, rate adjustments are warranted. If the Department of Insurance and North Carolina Rate Bureau cannot agree on rate changes, Commissioner Goodwin will call for a formal hearing in which both parties would present their cases for any rate adjustments."
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