North Carolina homeowners are being faced with higher insurance rates or no policy. Some insurance companies are sending "consent to rate" letters under which homeowners agree to a higher rate or risk losing their coverage.
North Carolina homeowners are beginning to deal with the result of a regulation that allows companies to charge more than the state has approved.
The StarNews of Wilmington reports Terry Wilkerson of Wilmington says his insurer gave him 10 days to decide whether to accept an increase of more than 120 percent.
Republican Sen. Michael Lee of New Hanover County is on the Senate Insurance Committee. He says legislators need to look at the consent to rate law.
The state insurance commissioner last month ruled against any increase in homeowners' rates. The N.C. Rate Bureau sought an average 25 percent increase statewide.
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