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North Carolina counties fight proposed insurance increasePosted On Mon, February 28, 2011
North Carolina insurance companies want to increase rates on home insurance, and if the proposed hike is approved, it would impact residents living on the coast the most.
According to the Elizabeth City Daily Advance, the proposed increase would impact coastal residents the most because they are already required to purchase extended coverage for hurricane risk.
Officials in the 20 eastern counties say residents' premiums would increase by more than $1,000 annually if the hikes are approved, according to the Associated Press.
The Daily Advance reports the 20 eastern counties have been fighting the proposed increase since 2010, when they agreed to join a North Carolina coalition, NC-20. In December 2010, NC-20 issued a press release, saying "the insurance commissioner, as an elected official, has arbitrarily and capriciously kept rates low in ceratin areas while providing misleading information to the public as justification for increased rates in other areas ...."
The paper reports NC-20 has been successful fighting insurance rate increases in the past, as the coalition helped block a bill that would have raised surcharges on home insurance policies from 15 percent to 20 percent.
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