If I had a “when pigs fly” posting category on this blog, this news might be allotted to it. The Greensboro News-Record reported last month, HERE, that NC Insurance Commissioner Wayne Goodwin had disapproved the insurance industry’s request for a 26% overall increase in the rates for homeowner’s insurance rates statewide, rates that were due to take effect in June. In an even more surprising turn of events, Commissioner Goodwin ordered reductions in the rates for coastal counties, a reversal of the trend in recent decades.
Although the newspaper article makes no mention of it, I assume the insurance companies may have recourse to the courts. No word so far, however, that they intend to sue, so like so many of you, I will hope for a lower homeowner’s insurance bill later this year.