Rates Might Go Up In NC

Wednesday, October 3, 2012

RALEIGH, NC – It looks like the North Carolina Rate Bureau released a new proposal today that would issue increases for home insurance policyholders statewide.

According to this information, the proposed increase in home insurance premiums would increase on average close to 18%.  This number was averaged for the majority of the intra-coastal areas in NC.  If you live in a housing community near the ocean, your increase will be much higher. 

If you live in a county like Pender or Brunswick, get ready for the sticker shock of your premium increase.  The majority of homeowners in these counties will get over a 30 percent increase in rates . 

Mr. Tyler Newman is with the Business Alliance for a Sound Economy.   “The perception is that we have more hurricanes than the interior part of the state but that’s not true,” said Newman.  “The hurricanes, the storms that we have, don’t stop at I-95, they move all the way through the state.”

The Department of Insurance in NC will announce a final determination of this rate increase within the next couple of weeks.  Many individuals have been putting up a fight against the premium increases and the public will have the opportunity to comment on this issue to the state DOI.

Skyrocketing increases of home insurance premiums all across the United States has many families uneasy as to what the future might hold.  From North Carolina, to Florida and back to California, rates keep going up.  What can we do to slow this down in America?

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