Insurance hearing on potential rate increase postponed 

Published: Thursday, July 24, 2014 at 01:56 PM.

Homeowners will have to wait a little longer to find out if additional insurance rate increases will be on the way.

N.C. Insurance Commissioner Wayne Goodwin announced July 15 that the rate hearing on a request that could mean an increase in homeowners insurance for many in Eastern North Carolina has been rescheduled.

The hearing, originally set for Aug. 6, is now set to be held at 9 a.m. Oct. 20 in Raleigh.

According to the news release, the hearing has been postponed to give N.C. Department of Insurance experts more time to prepare testimony after significant revisions were made to the original rate filing from the N.C. Rate Bureau.

Area organizations that have been fighting insurance rate increases continue to oppose any increases.

“We haven’t had an opportunity to review the N.C. Rate Bureau revisions. However, as we said in the public hearing in January, we strongly feel that any proposed increase for eastern North Carolina is excessive and unfairly discriminatory,” said Tyler Newman, the senior governmental affairs director for the Business Alliance for a Sound Economy, which works with the Jacksonville Board of Realtors and other groups in southeastern counties.

BASE officials note that coastal homeowners have faced increases in every rate cycle since 1992, most recently in 2009 and 2012.

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