North Carolina's top insurance regulator says an August hearing for insurance companies to explain their request to raise the cost of homeowners coverage by an average of 25 percent won't come until October.
Insurance Commissioner Wayne Goodwin said Tuesday the public hearing has been rescheduled to Oct. 20. Goodwin ordered a hearing because his staff determined the proposed rates appeared to be excessive and unfairly discriminatory.
North Carolina homeowners saw an average 7 percent increase a year ago, but companies said they needed more due to damage and claims projections. Experts hired by the North Carolina Rate Bureau say to ensure an insurance market with price competition, choice and the financial stability needed to pay claims calls for profit margins averaging about 10 percent.
Copyright 2014 by The Associated Press. All Rights Reserved.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.