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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Homeowners insurance sector may be in for some changes in North Carolina

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Legislation aims to bring about significant changes to the homeowners insurance sector Major changes could be coming to the homeowners insurance sector in North Carolina. A new legislation, called the Property Insurance Fairness Act, has managed to make its way through the first few steps of the legislative process, making its way through the state’s House of Representatives. Lawmakers supporting the bill are looking for ways to mitigate the impact of what are known as “once in a century storms,” major events that can cause significant damage to properties. Legislation…

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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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Hearing regarding homeowners insurance in North Carolina has been delayed

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Hearing on the subject of rising insurance rates has been postponed until October In North Carolina, homeowners insurance providers are seeking to increase the premiums for their coverage. This has caused some controversy and a hearing had been scheduled for next month regarding the matter. The hearing would have allowed state lawmakers and regulators to better understand why insurers are proposing rate increases and determine whether or not these rate increases are necessary. The hearing has, however, been delayed until October. Insurers seek to raise coverage rates by an average…

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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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Homeowners insurance bill in Florida is moving up

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The North Carolina proposal is only one of a large number facing the General Assembly. A bill regarding homeowners insurance is one of a large number being considered by the General Assembly in North Carolina, following a slew of others last week, including outdoor smoking bans, clean water issues, and autistic child coverage. This is because the General Assembly was trying to fit everything in before today’s non-revenue bill deadline. The bills – including the one for homeowners insurance – were required to pass their originating chamber by this date…

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Homeowners insurance bill would change the rates in North Carolina

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Legislators from coastal communities are hoping to make the rate system different and more transparent. Lawmakers that are representing coastal North Carolina counties where residents are feeling high frustrations about the skyrocketing cost of homeowners insurance, have now introduced a number of bills that would change the way that the state regulates the rates that are charged as well as to add transparency to the system as a whole. One of the two primary measures has already been receiving bipartisan support as there are sponsors from both parties. Both Republicans…

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