North Carolina Insurance Commissioner Mike Causey has postponed the hearing for the insurance industry’s proposed statewide average 24.5% homeowners’ insurance rate increase to Jan. 3, 2022. The hearing had been scheduled for Monday, Nov. 1.
The hearing will begin at 10 a.m. in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. The two sides can settle the proposed rate increase at any time during litigation.
The N.C. Rate Bureau, which is not a part of the N.C. Department of Insurance, represents insurers that write the state’s homeowners policies. The Rate Bureau filed the average 24.5% homeowners increase Nov. 9, 2020.