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North Carolina won’t see a homeowners insurance rate hike

North Carolina won’t see a homeowners insurance rate hike

North Carolina won’t see a homeowners insurance rate hike
News from wtkr.com:

Kill Devil Hills, N.C. (WTKR) – A proposal to hike the cost of homeowners insurance in North Carolina has been rejected by the North Carolina Department of Insurance.

Insurance Commissioner Wayne Goodwin announced his decision on December 18.

In early January 2014, the North Carolina Rate Bureau, representing insurance companies, filed a request to raise homeowners insurance rates.

In some parts of the Outer Banks, the hike could have been as much as 35%.

After receiving more than 10,000 mailed or emailed comments during a public comment period and 12 days of hearings on the proposal, Goodwin rejected the proposed hikes.

Instead Goodwin ordered a 0% overall average change in insurance rates effective June 1, 2015.

In a release from the North Carolina Department of Insurance, Goodwin stated, “After considering all of the evidence and data available, I have determined that no factors or events justified the excessive rates requested by the insurance companies.”

You can read the full NCDOI order by clicking here

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