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What's Happening with the Proposed Insurance Increase?

Saturday 13 January 2018 at 12:51 am

The prospect of significant increases in homeowners’ insurance was tossed on public plates three days before Thanksgiving, and with the holiday season in full tilt, it took a while for people to notice. But a reprieve this week will allow anyone who owns a year-round home in Dare County to learn important details about potential steep hikes in their insurance bills.

On Jan. 8, N.C. Commissioner of Insurance Mike Causey rejected a proposed rate increase by the NC Rate Bureau that would have spiked homeowners’ insurance costs about 25 percent for Dare County – an average of 18.7 percent statewide – and set a hearing for July 23.

“After hearing and reading the more than 9,000 comments from residents across the state and studying the figures in the filing,” Causey in a statement, “it is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

Remarkable grassroots response accounts for the last-minute flood of comments, said Willo Kelly, government affairs consultant for the Outer Banks Association of Realtors and the government affairs director for the Outer Banks Homebuilders Association.  Only four people – all opposed - spoke at a lightly-attended public comment session on the proposal held on Dec. 12 in Raleigh, she said. By then, a total of 94 comments had been received online by the department.

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