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Hearing on proposed insurance rate increase delayed until October

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WILMINGTON, NC (WWAY) -- A hearing scheduled for next month on the insurance industry's request to raise homeowners rates in North Carolina has been delayed until the fall.

Insurance Commissioner Wayne Goodwin announced today the hearing orignally scheduled for Aug. 6 will now be held Oct. 20 in Raleigh. The delay is to give Department of Insurance experts more time to prepare testimony after significant revisions were made to the original rate filing from the NC Rate Bureau.

The insurance companies, represented by the North Carolina Rate Bureau, requested an overall statewide average increase of 25.3 percent for homeowners insurance rates in January. The requested rate changes range from -2.7 percent to +35 percent. The insurance companies have also requested revisions to the current geographic rating territories.

Goodwin ordered a hearing, because the Department of Insurance said the proposed changes appear to be excessive and unfairly discriminatory.

The hearing is open to the public, but there will be no opportunity for members of the public to speak at the hearing. A public comment period was held in January.

Experts from the NC Rate Bureau and NCDOI will present their cases for or against rate changes. Goodwin is to serve as the hearing officer and determine what, if any, rate adjustments are warranted.

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We will have to move if this

We will have to move if this increase is approved. All NC coast residents please send email to 2014homeowners@ncdoi.gov in opposition to this rate increase and to give us coastal residents a voice!

Too Late

your chance to be heard was this past January. Public comments will not be a part of the process at this point.

Time for revolution!

The cost of owning a home now is no longer a possibility for some people. There have been so many increases for Home insurance, hurricane insurance and property taxes that many have had to sell their homes because they simply can't afford the constant increases to their mortgage payments. Personal income is lower now, not higher. It is a struggle to make it in this economy. Enough already!