Record #:

44351

Author(s):

Mildenberg, David

Abstract:

"Justifying eye-popping increases in homeowner insurance rates splits the industry and its regulator." North Carolina Insurers are requesting an increase of 42% on current rates approved by the state Department of Insurance. This is their first filing since 2020. The period between then and now has been painful due to significant storm as well as significant material costs associated with construction. Insurance commissioner mike Causey contends, however, that the average rate increase should be no higher than 3%.

Source:

Business North Carolina (NoCar HF 5001 B8x), Vol. 45 Issue 1, January 2025, p12-13, il, por Periodical Website

Subject(s):

Insurance--Homeowner--Rates; Causey, Mike (State Insurance Commissioner)