Causey rejects 42.2% homeowners’ insurance rate hike

FILE – North Carolina Insurance Commissioner Mike Causey talks to reporters, April 24, 2023, at the Albemarle Building in Raleigh, N.C. North Carolina’s top insurance regulator said Tuesday, Feb. 6, 2024 he’ll set a hearing for October to evaluate the request by the state’s insurance industry to raise homeowners’ premium rates by 42.2% on average and determine what is reasonable. (AP Photo/Hannah Schoenbaum, file)

RALEIGH — North Carolina Insurance Commissioner Mike Causey on Tuesday afternoon said rejected the proposed increase in homeowners’ insurance rates  

“I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers,” Causey said in a statement. “The Department of Insurance has received more than 24,000 emailed comments on this proposal, with hundreds more policyholders commenting by mail. Consumers deserve a more thorough review of this proposal. I intend to make sure they get that review.”  

A hearing with the N.C. Rate Bureau has been scheduled by Causey for Oct. 7. After the hearing, an issue must be issued with 45 days with a final decision.