North Carolina’s top insurance regulator is scheduling an August hearing for insurance companies to explain their request to raise the cost of homeowners coverage by an average of 25 percent.
Insurance Commissioner Wayne Goodwin’s office said Wednesday the hearing was needed after insurance companies represented by the North Carolina Rate Bureau provided too little detail on why they need such a large increase. Goodwin’s staff said the requested rate increases may be excessive and unfairly discriminatory.
The rates were increased by an average of 7 percent increase starting in July.
Rate Bureau insurance operations director Sue Taylor says companies haven’t had time to study Goodwin’s reasons for calling a hearing, but that August is a reasonable time frame. Companies say the requested increase is mostly based on claims projections.
(Editors: Ed Dufner, John Lear)
Was this article valuable?
Here are more articles you may enjoy.
AI May Be Tempering Insurer Hiring, New Analysis Shows 
Lloyd’s CEO Says It’s Critical Mideast War Cover Stays Available 
Even Low-Risk Homes Are Caught Up in California’s Climate Insurance Crisis 
Forecasters Say Planet-Warming El Niño to Form by September 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.