Currently, [home owner insurance] rates are set by the insurance commissioner in negotiations with the Rate Bureau. There is no vehicle for appeal. Neither the General Assembly nor the governor is involved.
Coastal North Carolina, including the Wilmington area, has been hit by the state's largest property insurance rate increases in recent years, raising cries of discrimination.
The Wilmington area's homeowner insurance rates are as much as six times those of Charlotte.
Friday, June 17, 2011
What You Get When You Have Government-Run Capitalism
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