Monday, January 24, 2022

NC court backs decision against home insurance rate increase

— North Carolina’s Supreme Court is rejecting efforts by insurance companies to raise homeowners’ premiums.

The state’s highest court on Friday dismissed arguments by the group that represents North Carolina insurers, which in 2014 sought an average 25 percent increase in homeowners’ premiums.

That leaves in place an August decision by a lower-level appeals court, which found outgoing state Insurance Commissioner Wayne Goodwin was justified in rejecting the request.

Goodwin imposed a zero-percent overall increase beginning in June 2015 by increasing rates for renters and condominium policyholders and lowering them for homeowners. He determined insurers were achieving a fair and reasonable profit after homeowners saw rates rise 7 percent on average beginning in 2013.

The North Carolina Rate Bureau’s manager and attorneys didn’t return messages seeking comment.

A special thank you to our friends at WRAL for helping out with this post.

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