North Carolina State Capitol Photo: Clayton Henkel
Homeowners push back against proposed 42% insurance rate increase
Floodwaters isolate homes in the aftermath of Hurricane Florence in 2018 in Robeson County. Insurance companies say climate change-induced storms necessitate large homeowners’ insurance rate hikes, but many North Carolina homeowners say the proposed hikes are excessive. (Photo by Joe Raedle/Getty Images)
Dozens of North Carolinians attended a public comment session Monday to speak against a North Carolina Rate Bureau request to increase homeowner insurance rates by an average of 42%.
The Rate Bureau, which represents companies that write insurance policies, made the request to the North Carolina Department of Insurance earlier this month, citing a higher cost of doing business due to climate change, which produces more powerful hurricanes and more severe flooding. [ Read more . ..]