RALEIGH, N.C. (AP) — North Carolina homeowners are looking at insurance cost increases averaging 25 percent in August if the state's regulator goes along.
The state Insurance Department is expected on Friday to hear from some of those angriest about the prospect of higher premiums to insure their homes.
The hearing comes three weeks after the state's insurers requested rate changes that save almost 3 percent to insure homes away from the ocean in Brunswick, Carteret, New Hanover, Onslow and Pender counties. The costs would increase by 35 percent along and near the beaches in those same counties and three others.
An average 7 percent rate increase took effect in July. Insurers say they're trying to catch up on decades of what they call "inadequate" pricing while anticipating potential payments in 2016 and beyond.