Business

July 15, 2014

Hearing on homeowners insurance rates rescheduled

A hearing on the insurance industry's request for an average increase of 25.3 percent on homeowners insurance rates has been postponed until October.

A hearing on the insurance industry's request for an average increase of 25.3 percent on homeowners insurance rates has been postponed until October.

The hearing, originally set for Aug. 6, is now set for Oct. 20 beginning at 9 a.m. in the Dobbs Building at 430 N. Salisbury Street in downtown Raleigh.

Postponing the hearing, according to the state Insurance Department, will give its experts time to prepare testimony in light of revisions to the rate hike request filed by the N.C. Rate Bureau, which represents the insurance industry.

The hearing will be presided over by Insurance Commissioner Wayne Goodwin. Both the industry and the Insurance Department will present their cases.

The hearing was scheduled in February after the Insurance Department concluded that the industry's rate hike request wasn't justified. The requested increase averages 25.3 percent but varies by region - from a decrease of 2.7 percent to an increase of as much as 35 percent along the coast.

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