North Carolina Commissioner rejects proposal to increase insurance rates

Home Insurance rates increases rejected

Drivers and property owners are reducing their coverage to afford their premiums North Carolina Commissioner Mike Causey has announced that he recently turned down a request made by insurers to boost homeowners’ insurance rates by an average of 42.2 percent.  In some beach areas, the hike would have been 99.4 percent According to Causey, he was not provided with adequate evidence to support the claim insurers made that they would need to increase insurance rates by that amount. “I haven’t seen the evidence to justify such a drastic rate increase…

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Unemployment insurance plans in North Carolina spark controversy

Unemployment Insurance North Carolina

Lawmakers push changes for unemployment insurance North Carolina legislators have been working on a plan to reduce the benefits people receive through unemployment insurance. A bill has been introduced that aims to reduce the maximum weekly benefits that unemployed people can receive from the state’s unemployment insurance program from $530 to $350. The legislation would also cut down on the maximum duration that a person can receive such benefits from the current 20 weeks to just 12 weeks. The legislation has received criticism from consumer advocacy groups and has now…

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Homeowners insurance rate hike leads Commissioner to call hearing

homeowners insurance

This was a response to NC insurers that have requested considerable premiums increases. Wayne Goodwin, the commissioner for North Carolina, has ordered a hearing in response to the request that homeowners insurance companies in the state have made requests to their policyholders for an increase in their premiums. The commissioner feels that the proposed rates are unfairly discriminatory and excessive. This story was first reported by Insurance News Report on January 23, 2013, but it has since then developed to the point that the commissioner has felt the need to…

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Auto insurance companies in NC want rate changes

Auto Insurance

Insurers in North Carolina are hopeful that the industry in the state will undergo alterations. The North Carolina auto insurance industry is currently divided between the companies that would like things to remain the same as they are now, and those that are hoping to give next year another try for changing the state’s unique regulatory system in order to be able to alter the rates. At the moment the state has some of the cheapest rates in the entire country. The industry will be arguing that the reason that…

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Renters insurance in North Carolina to increase 13.2 percent

Renters insurance

Rates for homeowners policies will not be affected by this change. North Carolina’s Commissioner Wayne Goodwin has announced that he is stepping away from his decision for slightly decreasing rates for rental insurance and other types of coverage for properties that are not occupied by their owners, due to a court battle declared by the industry. An out of court settlement has now been reached for the case between the industry and the Insurance Department. A compromise was reached in the settlement that fell between the 2.6 percent decrease in…

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