Companies seek higher homeowners insurance rates

The Associated Press

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RALEIGH — The group representing companies that provide homeowners insurance in North Carolina is seeking an average increase of more than 25 percent, a request the state insurance commissioner describes as appalling.

Officials with the N.C. Insurance Department said the N.C. Rate Bureau filed the request Friday. The bureau wants an effective date of Aug. 1.

Insurance Department officials say the requested rate changes range from a decrease of almost 3 percent to an increase of more than 35 percent. They’ll review the request and determine what adjustments they believe are warranted. If the two sides don’t agree, then a public hearing will be held.

Insurance Commissioner Wayne Goodwin says new homeowners insurance rates went into effect in July 2013 and he’s appalled more increases would be sought so soon.