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North Carolina Supreme Court rejects insurers' request to hike homeowners rates

The Supreme Court of North Carolina rejected a homeowners rate hike request from a group of state insurers, the Insurance Journal reported.

Insurance companies in 2014 sought an average increase of 25.3% in homeowners rates, which was rejected by the state's insurance department following a hearing. The ruling was appealed by the industry to the North Carolina Court of Appeals, which upheld the department's rejection of the rate hike request.