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RALEIGH, NC (AP) — North Carolina insurance regulators are clearing the largest rate increase in nine years for dwelling policies that cover residential rentals and other properties that are not owner occupied.

Insurance Commissioner Wayne Goodwin’s office said Tuesday he signed a settlement agreement with insurance companies allowing a statewide average increase of 13 percent spread over a three-year period. The highest rate increases will be in beach areas of eight coastal counties and the lowest in suburban communities around Charlotte.

The companies requested a statewide average increase of 20.5 percent nearly two years ago.

Goodwin said his deal with insurers was prompted in part because more have been dropping or refusing to offer the policies and he was concerned they may become unavailable.

The last time dwelling insurance rates increased was 2006.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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9 Comments on "Insurers OK to raise NC dwelling rates 13 percent"

2015 years 9 months ago

right on the head,

Statistics show most storms do much more damage inland than at the coast.

But no one wants to admit that.

Look at Fran and Floyd as 2 examples.

Goldsboro, Wilson & Raleigh took much more in damage than at the coast. Statistics are there to prove that point.

Even Charlotte took a bigger hit after Hugo than many coastal communities

2015 years 9 months ago

We have 3 required home insurance policies with 2500 deductible each, paying 1900 premiums, tiny house, building value is 90,000. We are going to cash our IRA pay off the mortgage, cancel all insurance and just take our chances and rely on family & community outreach charity if the house burns down, or just sell the land only or borrow to rebuild the building.

Angry Struggling Homeowner
2015 years 9 months ago

I hate you all. The coast gets screwed again even though there is more storm damage inland.

2015 years 9 months ago

Dont one person call your Insurance Company and complain.. this is an elected position and he was voted in again!! As if people could not see he has raised rates since he got in office last election.

People wake up and vote responsible. If we have a Insurance Commissioner that is raising rates every year then dont vote for him. He is the one that allows your Insurance Company to raise their rates. The rates can not be approved but by him. He holds the key to the rate increases. Insurance Companies are gonna ask… we need another Insurance Commissioner that works for the people not the companies. But were are stuck with him for another 4 years.
Thank you voters!! Next time be smart when you vote.

2015 years 9 months ago

When property owners have to pay much more for property insurance be prepared for rent to increase. So renters get ready to spend less on christmas and more on rent.

2015 years 9 months ago

Oh good, give the insurance companies more money and watch how they try to get out of paying for claims.

2015 years 9 months ago

SCT, c’mon! Do you really think these crooked @$$es in our government are going to ACTUALLY be forthright with their intent BEFORE an election? You know as well as I do that would prevent him from continuing to fill his pockets from the lobbyists. Transparency really means, “We can do whatever we want in front of your very eyes and you’ll never see it, you’ll only feel it!”.

2015 years 9 months ago

how this was not announced until after the election.

2015 years 9 months ago

I’m a lobbyist, among other activities. I don’t fill anyone’s pocket, including Ole Bobblehead’s.


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