Home insurers appeal rejected rate increase

RALEIGH, NC (AP) – Insurance companies are not giving up on their quest to charge North Carolina homeowners more.

North Carolina Rate Bureau General Manager Ray Evans said Wednesday the group representing nearly 100 companies selling homeowners policies is appealing its rejected bid to raise premiums by an average of 25 percent. The group plans to file notice by Friday.

Evans says the industry group expects it could take a year before the state Court of Appeals hears and makes a decision on whether the increases are justified. Evans says insurers might file a new rate increase request with the state Insurance Department.

Insurance Commissioner Wayne Goodwin last month rejected the industry’s request to collect another $500 million a year on top of the total $2 billion the state’s homeowners now spend on coverage.

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