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NC insurance commissioner rejects 42% rate hike on homeowners insurance

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lexie.longstreet

North Carolina Insurance Commissioner Mike Causey has rejected insurance companies' request for a 42% average rate increase to homeowners insurance.

“I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers,” Causey said in a statement Tuesday.

 The North Carolina Rate Bureau, which represents insurance companies, asked for an increase ranging from 4% in the mountains to 99% in some coastal counties. For Mecklenburg County, the requested hike is 41%.

 The Department of Insurance received more than 24,000 comments on the proposal, according to Causey.

 “North Carolina consumers deserve a more thorough review of this proposal. I intend to make sure they get that review,” Causey said.

Insurance companies say inflation and damage resulting from climate change are boosting the cost of repairs.

Causey has set a formal evidentiary hearing on the rate request for Oct. 7. But the two sides could come to an agreement before then.

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Kenny is a Maryland native who began his career in media as a sportswriter at Tuskegee University, covering SIAC sports working for the athletic department and as a sports correspondent for the Tuskegee Campus Digest. Following his time at Tuskegee, he was accepted to the NASCAR Diversity Internship Program as a Marketing Intern for The NASCAR Foundation in Daytona Beach, Florida in 2017.