Residential insurance companies want to raise their premium rates by an average of 25 percent. The N.C. Department of Insurance will hold a public hearing on the issue today.
It will be up to Insurance Commissioner Wayne Goodwin to decide whether a rate increase is excessive, inadequate or unfairly discriminatory.
The North Carolina Rate Bureau represents all 150 residential insurance companies in the state. Last year the Department of Insurance and the Rate Bureau agreed to the rates rather than going to a hearing.