While several major questions about the country’s future were decided on Election Day, many residents in the Wilmington area are waiting for another big decision to come down.
But how much North Carolina’s homeowner insurance rates might go up, especially at the coast, is still to be determined more than 10 months after a proposal by state insurers that could see some premiums double in price.
A hearing to review a request by the the N.C. Rate Bureau , a 14-member board that represents the industry, to raise homeowner insurance premiums by 42% statewide and an eyewatering 99% in beach and coastal areas around Wilmington, started in early October.
The hearing was triggered after N.C. Insurance Commissioner Mike Causey rejected the initial proposal, calling it too much.
State law gives Causey 45 days to issue an order once a hearing concludes, and the insurance industry always has the option of taking the issue to the courts if they reject the commissioner’s findings.
But the hearing has yet to wrap up, and the court is on hiatus this week. With the hearing likely to wrap up around mid-November, several officials said it could be next month − potentially just before the new year − before Causey makes a decision, with any changes to rates likely not effective until mid-2025.