Home insurers argue for a 42% average rate hike in North Carolina

Associated Press

RALEIGH, N.C. (AP) — A hearing has started in North Carolina over the insurance industry’s request to raise homeowner premium rates by more than 42% on average. A top lieutenant for Insurance Commissioner Mike Causey began hearing what’s expected to be multiple weeks of testimony and evidence on Monday. Any decision would likely come before year’s end. An industry attorney said inflation and more storms require rate increases to ensure claims are covered and companies get a fair profit. A lawyer for the state says the industry’s requests are inflated. In western counties hit hard by Helene, the insurers want 20.5%. They’re seeking 99% for some beachfront properties.