When the insurance industry asked state regulators to allow an 18.7 percent increase in homeowners insurance, AARP advocates pushed back.

Although no increase is a good one, thanks to your voices, the increase will be more modest averaging 4.8 percent. And for several areas in the state, rates will even go down. The last homeowners’ insurance rate increase was seven percent in 2012.

The agreement also covers insurance for tenants of apartments and condominiums, which is capped at 12 percent as opposed to the up to 40 percent increase the insurance industry was seeking.

The reduced increases would not have been possible without the Insurance Commissioner hearing an outpouring of opposition from AARP and other opponents.  Help us thank NC Insurance Commissioner Mike Causey for balancing the needs of homeowners and tenants against the companies’ request for higher premiums.

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