In a statement released by the North Carolina Rate Bureau (NCRB), it has been revealed that a recently rejected proposal to increase homeowners insurance rates in North Carolina is being appealed by a group representing almost 100 companies that are currently selling insurance policies to homeowners throughout the state.
The initial proposal was to increase rates by an average of 25 percent.
Mr. Ray Evans – General Manager at the NCRB has advised that while the appeals process could more than a year to be heard by the state Court of Appeals, the group of insurers also have the option to simply file a new rate request with the state insurance department.
The initial rejection was expected to add an additional $500 MILLION to the $2 BILLION that homeowners currently spend on coverage in North Carolina.
This is a developing story – be sure to check at www.justicecounts.com for updates.
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