Homeowners insurance rates receive legislative attention in North Carolina

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Lawmakers approve legislation that will provide consumers with more information concerning their insurance rates The North Carolina House of Representatives have unanimously approved legislation that would provide consumers in the state to receive more time when responding to proposed rate increases on their homeowners insurance policies. The legislation also received votes that will allow it to proceed to the state Senate, where lawmakers will determine whether or not to pass the legislation into law. The legislation will also provide consumers with more information from their insurance providers. Consent to rate…

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Property insurance rate reform may be on its way in North Carolina

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Coastal leaders are seeking new ways to settle these rates, underscoring that this will benefit policyholders across the state. In North Carolina, coastal leaders are currently leading an effort to reform the property insurance rate setting process, while still making sure to point out that the legislation that they are proposing would be to the benefit of people across the entire state and not just those who have homes along the coastlines. The reforms would be based on the belief that there is a flaw in the current rate calculation…

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Homeowners insurance companies haven’t given up on rate hike requests

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Despite the fact that they have been unsuccessful, so far, insurers in North Carolina are still trying. According to an industry spokesperson in North Carolina, homeowners insurance companies are not yet ready to back down on their goal to increase premiums by an average of 25 percent across the state. A group that represents nearly 100 insurers in the state is taking its case to the Court of Appeals. According to Ray Evans, a spokesperson for the Rate Bureau industry group, which represents almost 100 companies that sell N.C. homeowners…

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Homeowners insurance controversy is brewing in North Carolina

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Homeowners issue complaints regarding rising insurance rates Homeowners in North Carolina are voicing their concerns over some insurance companies raising premiums over the state-approved maximum. In many parts of the state, homeowners insurance is becoming more expensive due to a loophole that exists in the state’s laws. This loophole allows insurers to send “Consent to Rate” notifications to homeowners that are about to renew their insurance policies. These notifications inform homeowners that their rates will be going up more than state law would allow for normally. Consent to Rate becomes…

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North Carolina homeowners insurance rate increase resistance building

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Residents of the state are becoming frustrated and angry about the spike of up to 25 percent. As the cost of North Carolina homeowners insurance comes closer to its August increase of an average of 25 percent, residents are keeping a careful watch on the regulator in the state, which held a public hearing on Friday to give these customers the opportunity to voice their opinions on the prospect that they will be seeing their premiums skyrocket this year. The hearing fell three weeks after the insurers in the state…

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