North Carolina Home Insurance Rates to Increase
On October 1, 2012, the North Carolina Rate Bureau (NC RB) filed a request for an increase in homeowner insurance rates with the North Carolina Department of Insurance (NC DOI) on behalf of North Carolina insurance companies. They cited a rise in claim costs as their reasoning for a rate claim and hoped to raise it an average 17.7% across North Carolina and 30% on the coast.
Today, Commissioner Goodwin signed a settlement with the insurance industry that will raise the rate 7% statewide. However, rates for the beach areas (territory 8) of New Hanover, Brunswick, Pender, and Onslow Counties will be raised 19.8%. In the area deemed coastal, rather than beach, (territory 52), the rate will increase 8.6%. You can see a chart with a full breakdown by county here. If you are unsure what your rate will be, call your home insurance provider.
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