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North Carolina Insurance Commissioner Mike Causey denied a proposed 42.2% (averaged) home insurance rate increase, noting that he did not see evidence to justify the increase and that homeowners were shocked by the request. During a notice hearing, Causey called the proposed increase "excessive and unfairly discriminatory." Rates proposed by the North Carolina Rate Bureau ranged from 4.3% for some mountain counties to 99.4% for coastal areas.
Property & Casualty
February 07, 2024, 6:05 AM