Candidates for insurance commissioner spar over proposed 42.2% average homeowner rate increase ...Middle East

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Candidates for insurance commissioner spar over proposed 42.2% average homeowner rate increase
Flood waters like these that resulted from Hurricane Florence in in Lumberton in 2018 are a growing driver of costs and rate hikes in the insurance industry. (Photo by Joe Raedle/Getty Images)A hearing on a proposed 42.2% average homeowner insurance increase hadn’t even begun Monday before candidates for Commissioner of Insurance — Republican incumbent Mike Causey and Democratic challenger, state Senator Natasha Marcus — traded political jabs. Causey and Marcus held press conferences ahead of Monday’s hearing at the Department of Insurance in Raleigh. The process for deciding insurance rates can be lengthy and homeowners won’t likely know until early next year what the new rates will be. S

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