North Carolina Again Postpones Hearing on 25% Homeowners Rate Hike
A hearing set for today on a proposed 24.5% average increase in homeowners’ insurance rates has been postponed until Jan. 3, the North Carolina Department of Insurance announced.
Insurance Commissioner Mike Causey said in a news release that the January hearing will proceed if the department and the rate bureau cannot negotiate a settlement for a lower rate increase. This is the second time the hearing has been postponed. A Sept. 20 meeting was rescheduled for today, Nov. 1.
The recommended increase follows one in 2018, in which the bureau asked for a statewide average hike of 17.4%, but later settled for a 4% increase.
In April of this year, the bureau had proposed an 18.7% average increase in dwelling insurance, for rental and investment properties, but settled for a 7.6% rise after negotiating with the department.
If the two sides do not reach a compromise, the hearing on the latest proposed increase will be Jan. 3 at 10 a.m. in the Albemarle Building, 325 N. Salisbury St., in Raleigh.