Sunday StarNews cover story on Homeowners Insurance, consent to rate letters and potential legislative action

Lawmakers hear uproar over ballooning homeowner insurance rates

WILMINGTON | Insurance companies are using a decades-old law to push higher-than-approved homeowner insurance rates on North Carolinians, says Sen. Michael Lee, calling the statute a loophole that needs to be closed.

Lee, R-New Hanover, who is on the Senate Insurance Committee, said he is going to look closely at the law during this session of the General Assembly.

But consent to rate “circumvents the entire (rate-setting) process,” said Tyler Newman, governmental affairs director of the Business Alliance for a Sound Economy, or BASE.

READ THE ENTIRE STORY HERE

Comments

  1. By Walter A. Carolus

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *