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Hearing Held on Proposed Homeowners Insurance Rate Hike

Hearing Held on Proposed Homeowners Insurance Rate Hike

Hearing Held on Proposed Homeowners Insurance Rate Hike
News from TWC News:

RALEIGH — North Carolina’s insurance commissioner is holding a hearing Monday on a request from companies that want to increase homeowner insurance prices by an average of more than 25 percent in January.

However for some communities on the coast and in the Triangle, the increase could top more than 30 percent.

The NC Rate Bureau will argue on behalf of the insurance companies and the department of insurance will argue on behalf of the public for and against the increase. State insurance commissioner Wayne Goodwin will serve as the hearing officer and determine what, if any, rate adjustments are warranted.

Under the proposal:

• The majority of beach communities face a 35 percent increase
• Wake and Durham counties would see a 32 percent hike.
• Alamance, Forsyth and Guilford counties could see a 14 percent hike
• Mecklenburg County would see a 23 percent increase

The rate bureau claims the need to raise rates is greatly due to winter weather damage last season and the possibility for weather and hurricane damage in the future.

It is an issue that’s been stirring up heated debate since the beginning of the year and many city and town leaders have already voiced their opposition to the proposed rate hike.

“Retirees on permanent income that are accustomed to paying $ 1,000 or $ 2,000 a year insur…………… continues on TWC News

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