FIRST ON 3: Beach homeowner insurance going up almost 20%

I understand. When homeowners continuously get hit with increases in fees, taxes, penalties, and other costs, they begin to rethink their investments. Are the costs worth the investment? Hike the water bill; hike the trash bill; raise the insurance rates; raise residential parking fees; raise state, county, and local taxes. There are surely other fees, fines, and penalties that are not mentioned here. But the point is they all add to the total cost of living in a beach area (or any area for that matter).

Will an 8-20% insurance rate increase create a desolate beach area? It probably won’t. However, renters and renting agencies will have to increase their rates to ensure revenues exceed costs. This means consumers (mostly tourists) will have to pay more.

On the other hand, is that so bad for locals? If tourists have to pay more, that means less tourists; right? Is that what we’re trying to achieve?

I once lived at the beach, and I know tourists can be annoying. If one more person parked in my yard, I was certain to break out my BB gun. But I realized we need those tourist dollars to fuel the local economy. So, we have to decide if the beaches are going to be exclusive to home owners or if they will be catering to tourist needs (demands).

There was once a small desert community that decided where the focus should be. But the name of that little town escapes me. I can’t recall if it was that successful. Their insurance rates probably crippled their economy. Oh yeah…Las Vegas! They managed to integrate high-end living with a tourist economy. So, what’s going on here?

Should the beaches be exclusive to the residents? Or should the focus be on tourism? The equilibrium point is so elusive!

DOSEN'T MATTER WHOS IN OFFICE, THINGS WILL KEEP GOING UP. MY HOMEOWNERS INS. GOES UP, AND I DON"T LIVE ON A BEACH. ALSO PROPERTY TAXES, WITH NO IMPROVEMENTS.

"The insurance companies, represented by the North Carolina Rate Bureau, had requested an overall statewide average rate increase of 17.7 percent before the election on Oct. 1, 2012."

"The last homeowners insurance rate filing occurred in 2008 when the insurance companies requested a 19.5 percent statewide average increase. A settlement agreement allowed for a 4.05 percent statewide average increase to go into effect in May 2009."

2009 request of 19.5 percent statewide. Received 4.05 percent.
2012 request of 17.7 percent statewide. Received 7.00 percent.

Good job Insurance Commissioner Wayne Goodwin.
I guess the economy is getting better for the Insurance industry.

It's that "potential" thing that drives the cost up.
But there's always the "potential" we won't get hit.
Maybe we should get "rebates" if we don't get a direct hit.
How about a NC homeowners tax credit if we don't have damage.

I forgot. The potential only goes up, never down.

another politician in bed with big business.

CONGRATULATIONS PEOPLE FOR NOT PAYING ATTENTION TO WHO YOU WERE VOTING FOR. ITS EASY TO VOTE ACROSS THE BOARD FOR YOUR DEMOCT OR REPLUBL BUT NOT ALL ARE WORTHY OF A VOTE. PAY ATTENTION AND I BET HE WILL NOT BE RE-ELECTED... VOTE FOR THE WORKING PEOPLE NEXT TIME THAT ARE RUNNING FOR THIS SEAT. NOT A COMPANY PERSON WHO GETS PAID BUY THE INSURANCE COMPANIES

Guess it is time to sell my house and move. There is no reason for an increase, there have been no hurricanes that have done any significant damage to our area in the past 10 years. Home prices have declined so the insurance rates should have also declined. This is an increase designed to put more money in the pockets of the insurance company and I hope the ones responsible for it are tracked down and thrown in jail.

We have been subsidizing people on the beaches for way too long.Its time that they assume a larger share of their risk.

BTW,The 2008 insurance increase was less than 5%, now with the GOP running the show now the increase is twice as much. Boat fees going up, ferry fees going up. but incomes are going down. Elections have consequences.

Does anyone know where we can find the maps for the area going up 20%.

After I heard the news I checked out the document attached to the press release from the department of insurance. Apparently many of the coastal counties are receiving either 1%, 3.4% or 8.6% (Wilmington) --- and NOT the "almost 20%" as you put it. I hope you correct your misleading news story; you do a disservice to your viewers and will unnecessarily stoke passions when the complete numbers are different than you report.

Well no surprise here, if you re elect a democrat to such an important position you can expect some pretty dramatic consequences, yaw did it, now you get to live with it!

I would like to send my increased bill to all the people who voted for our insurance commissioner so they can pay it for me.