‘Drastic’ homeowners’ insurance rate hike denied
RALEIGH — The N.C. Rate Bureau’s proposed statewide rate hike of 42.2% for homeowners insurance was rejected by North Carolina Insurance Commissioner Mike Causey on Feb. 6. “I haven’t seen the evidence to justify such a drastic rate increase on North Carolina consumers,” Causey said in a statement. “The Department of Insurance has received more than 24,000 emailed comments on this proposal, with hundreds more policyholders commenting by mail. Consumers deserve a more thorough review of this proposal. I intend to make sure they get that review.” This is the second time a large price hike has been submitted by the…