NC home insurance companies request rate increase

Associated Press

RALEIGH, N.C. (AP) — Insurance companies want to increase North Carolina homeowner's policies by an average of nearly 18 percent next year.

Insurance Commissioner Wayne Goodwin said Wednesday that consumers have until Oct. 19 to offer their views on the request by the North Carolina Rate Bureau, which represents insurance companies.

The state Insurance Department will decide whether any rate increase is warranted, and if so how large it should be. If regulators and the companies can't agree on rate changes, they'll each present their arguments at a public hearing.

Any homeowner's insurance rate increase would be effective on policies being renewed or taking effect in June, 2013.

The last homeowner's insurance rate increase was in 2008, when insurance companies wanted a statewide average of nearly 20 percent and got 4 percent.

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