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

RALEIGH, NC (WWAY) -- Insurance Commissioner Wayne Goodwin signed a settlement agreement today with homeowners insurance companies allowing an overall statewide average rate increase of 7 percent on July 1.

The rate for the beach area of Brunswick, New Hanover and Pender Counties will go up by 19.8 percent. Homeowners in the coastal area of those counties will go up by 8.6 percent. Bladen and Columbus County homeowners will see an almost 10% increase.

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 difference between the requested and settled rates amounts to $237 million in savings to policyholders according to Goodwin.

Potential hurricane played a large role in the decision to hike rates along the Cape Fear Coast, according to Goodwin.

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.

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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.

Another ramification of "user fee" type taxation and spending.
The coast got hammered - and the interior counties got a hefty increase as well.
The coast does provide a disproportional amount of the risk due to our history of taking it on the chin with Hurricanes.
I wasn't here for it but Hazel apparently has been forgotten. Charlotte was hit pretty hard wasn't it? Coast was spared a direct hit?
Interesting.......

Vog

truth is that interior counties sustain far more damages, typicaly, than the coast.

Goldsboro, Tarboro & Wilson all sustained severe damage from Fran, Dennis & Floyd. Even Raleigh took more of a hit than the Coast.

Heck, Hugo, in 1989, did half a billion dollars of damage in the Charlotte area.

Dennis did virtually nothing at the coast; but flooded out Rocky Mount.

Remember Ivan in 2004? Did not even come ashore on the NC coast. Came in the Gulf in Alabama and came right up the backside of NC where it did significant damage in Asheville.

But not to worry. Bobblehead is in charge. That's the pseudo name for the Commissioner when he stands behind the Governor at a Press Conference and bobs his head up and down.

Same with Hurricane Hugo hitting Charlotte of that year. I was up there swearing that hurricane had followed us. Came home...not a scratch on the house thank goodness. Thing is...with Global Warming a threat, and the approach of another Ice Age...no telling what the weather will do...except what it wants to do (just like the insurance companies).
Please don't mention the Seneca Guns to the insurance companies, because that will be another increase clause...and Grandfathered in.
Try selling your house now in Wilmington...much less trying to rent it out if moving to another area (state). You won't even be able to attempt a "short sale" if desired.
"Koyaanisqatsi"

Cut the crap.

"The difference between the requested and settled rates amounts to $237 million in savings"

The real deal is that these insurance rates are gong up almost 20%.

There won't be enough data space on WWAY's computer system for the comments forthcoming on this one.

"Potential hurricane played a large role in the decision to hike rates along the Cape Fear Coast, according to Goodwin.".....(Unquote)

Let's see...local home values down...Wilmington property taxes go "UP"!. Home values down...homeowners insurance goes "UP". How about our Wind & Hail coverage? Oooops!...that's a hidden clause within this story too...forthcoming in your next insurance bill in the next 8 weeks or so. Let's add another 2% or 3% (or more) over the 7% to 19.8%.
Time to recalculate again I suppose. More foreclosures...less income for "Everyone" (Insurance Companies Excluded).
Here's their study (most likely used to raise our rates)...and...most likely a computer models prediction. A Computer!
http://www.hurricanecity.com/city/wilmington.htm
From this list of stats:
"Statistically when this area should be affected next
before the end of the 2013 season
This is just a statistical average & does not mean the area will be affected by that year" <<<<<<<<<<<<<<<<<<

Surprised? No. In 1987, I moved to OIB and bought a mobile home that is located between OIB and Hwy 17, about 3 miles from the beach. I had insurance up until 2010 when my insurance company canceled because I was too close to the beach. What? I have been here since 1987 in the same place, no claims on my insurance and now I am too close to the beach. Bunch of garbage. I can get insurance - it would cost me 3 times a year what I had been paying.

Just one more reason to move out of NC.

It would be a lot easier to just pay attention to wo you are voting for and kick all the DEMORATS and RINO's to the curb and get this spending out of control spending and big government reigned in.