North Carolina Rate Bureau requests 42% average increase in homeowner insurance premiums due to severe storms.

In North Carolina, a public hearing has commenced regarding a request from the North Carolina Rate Bureau for an average 42% increase in homeowner insurance premiums, attributed to severe storms like Hurricane Helene. Proposed hikes vary across regions, with some coastal areas facing increases up to 99%. Insurance Commissioner Mike Causey opposes the increase, arguing it is excessive. The hearing will determine the validity of these proposed rates, with a decision expected in 45 days.