Homeowner Insurance Rates to Increase

Homeowner Insurance Rates. On March 5, 2013 Wayne Goodwin, North Carolina Insurance Commissioner signed an agreement with insurance companies allowing a statewide rate increase of homeowner insurance of on average 7 percent. The actual rates vary tremendously according to individual territories within the state.

The North Carolina Rate Bureau, which represents the insurance companies, had requested an overall statewide average homeowner rate increase of 17.7 percent. The difference between the requested and settled rates amounts to $237 million in savings to policyholders.

Homeowner Insurance Rates: The Coast

homeowner insurance rates-beachNon-beach areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties will see homeowner insurance rates increase by 8.6 percent on July 1, 2013. But beach area homes will see a far greater increase.  Brunswick, Carteret, New Hanover, Onslow and Pender beach homes will see a rate increase of 19.8 percent.

“Homeowners in coastal communities have long contended the homeowner insurance rates they pay are unjustifiably high. Industry representatives said in October that the 30 percent increase sought in some areas of coastal counties was based on potential losses from a severe hurricane. The new rates reflect the maximum rates insurers can charge; many insurers offer discounts,” reports the Raleigh News and Observer.

Residents of Brunswick, Carteret, New Hanover, Onslow and Pender Counties, If you live on the beach then your new rate will be at 19.8 percent. The North Carolina Rate Bureau (NCRB) requested a rate increase of 30 percent.

NCRB gives an example of how the new rates will affect rates. A $150,000 home currently pays $2,342 a year under the current structure. After July 1 when the new 19.8 percent rate kicks in that same homeowner will be paying $2,806, almost $500 a year extra.

Non-beach areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties will also see an increase in rates but not as severe. The new rate affective July 1,2013 will be 8.6 percent. Using the same example of homeowner insurance for a $150,000 house, the old fee which was $1,616 now jumps to $1,754 or approximately a $150 increase. The NCRB requested a 30 percent increase for non-beach homeowners as well.

insurance rates margaret-hitchcockBuying and selling real estate is never simple. Real estate laws are always changing as are things associated with it such as insurance, taxes and mortgage lending. The advice and experience of a seasoned professional real estate broker can be of tremendous help to you. Margaret Hitchcock of Hitchcock Realty is just that. As a Realtor Margaret can guide you through the maze of rules and regulations and navigate you past financial pitfalls that can cost you money. Call Margaret today at (252) 269-2893

Homeowner Insurance Rates

To see all of the various homeowner insurance rates around the state set bythe North Carolina Department of Insurance click HERE

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