NC considers 20 percent homeowner insurance hike

RALEIGH — The North Carolina insurance commissioner says a proposal to increase homeowner premiums by an average of nearly 20 percent isn’t a done deal.

Commissioner Jim Long said he hopes to make a decision “fairly quickly” on a proposal being pushed by the North Carolina Rate Bureau. The industry group wants rate increases that vary by
region, from 1 percent in Charlotte to a nearly 70 percent jump in Wilmington and Jacksonville.

The bureau is responsible for seeking insurance rate changes, and requested the average premium increase earlier this week.

Long’s office will make the final decision and has often allowed rate increase less than those sought by the industry.

Long will leave his post next month. His deputy, Wayne Goodwin, was elected in November.

(Copyright 2008 by The Associated Press. All Rights Reserved.)