North Carolina homeowners insurance becomes target of regulatory action Insurance companies in North Carolina are being called upon to justify a proposed increase in insurance rates. According to the state’s Department of Insurance, many homeowners insurance providers have proposed an average rate increase of 18% throughout the state. The proposition has caused some turmoil amongst consumers who consider such an increase to be unfair. Insurance Commissioner Wayne Goodwin is now calling upon North Carolina homeowners insurance companies to provide more information on why they believe the rate hikes to be…
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Homeowners insurance rate hike to face the public at a hearing
The state commissioner has requested that insurers not raise prices until after the meeting. Wayne Goodwin, the commissioner for North Carolina, has stated that any decision regarding increases in homeowners insurance rates will need to be held off until after June 3, 2013, when a public hearing has been set. The commissioner is seeking the public’s insight before potentially massive increases occur. According to Goodwin, he and his staff worked throughout the weekend, on top of a great deal of overtime that they have already been putting in, in order…
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