RALEIGH, N.C. (WBTV) – Public hearings are being held this week in Raleigh regarding increasing homeowners insurance premiums for North Carolinians.
The statewide average rate increase of 42.2 percent was proposed earlier this year by the North Carolina Rate Board (NCRB), which represents insurance companies.
The costs to homeowners vary widely depending on where you live.
For homeowners in Mecklenburg and Union counties, the increase would be 41.3 percent.
According to NerdWallet, based on the average annual cost of homeowners insurance, the cost of homeowners insurance for people in Charlotte will increase by about $800 per year.
Homeowners in Cleveland, Gaston and Lincoln counties will pay 27.8% more. This could mean an increase of about $500 per year for homeowners in these three counties.
According to the proposal, homeowners’ insurance premiums could double in coastal areas.
The North Carolina Department of Insurance (NCDOI) and Commissioner Mike Causey oppose the rate hike. Representatives from Mr. Coursey’s office are expected to present evidence and argue against the rate hike at a hearing this week in Raleigh.
According to the transcript of Monday’s opening argument, an NCRB representative said the rate hike was justified on the grounds of inflation and increasing strength of the storm.
The hearing is expected to last several weeks.
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