Insurance commissioner ready for rate hike hearing next month

WILMINGTON, NC (WWAY) — North Carolina Insurance Commissioner Wayne Goodwin was in town today for a town hall style meeting to let folks discuss issues with the state’s housing market.

We asked Goodwin about the upcoming hearing for the insurance industry’s request to raise homeowner’s rates in North Carolina an average of 25 percent and much more in many coastal communities.

“I can’t go into specifics about it, because I will be the judge at the hearing, but this is an important opportunity for everybody, for all stake-holders, the public, insurance companies, the state, the public at large, to learn what goes into insurance rates, how they’re set and why different sides take the position that they do,” Goodwin said.

It is the first public hearing of its kind since 1992. The hearing is set for Oct. 20 in Raleigh.