Insurance companies’ average 42.2% proposed increase in homeowners’ insurance rates in North Carolina has been turned down.
In a release by the North Carolina Department of Insurance, insurance commissioner Mike Causey said: “I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers.
“The Department of Insurance has received more than 24,000 emailed comments on this proposal, with 100s more policyholders commenting by mail. Scores more consumers spoke during a public comment forum.
“North Carolina consumers deserve a more thorough review of this proposal. I intend to make sure they get that review.”
It was noted that the proposed rates, which the commissioner described as “excessive and unfairly discriminatory,” range from 4.3% to 99.4%, with the higher end being proposed in the state’s coastal counties.
Meanwhile a hearing has been set for October 7.
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