North Carolina homeowners soon could see their property insurance rates soar by more than 40 percent on average, and in five coastal counties, those hikes could reach as high as 99 percent.
State officials are weighing the rate increases after the insurance industry asked for a major bump earlier this year. Insurers cited mounting costs from natural disasters as a main reason for the hike.
The North Carolina Department of Insurance held a hearing Monday to consider the request, but the proposal faces headwinds from homeowners and the state’s top regulator.
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North Carolina Insurance Commissioner Mike Causey rejected the proposal in February after receiving 40,000 letters, emails and calls from homeowners in opposition.
