make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Settlement reached, insurance rates to increase July 1

READ MORE:

New Hanover County, NC (WWAY) -- The North Carolina Department of Insurance and the insurance industry have reached a settlement. The agreement could mean a 19.8% increase for some coastal residents in the county.

The North Carolina Rate Bureau, on behalf of the insurance companies, requested a statewide average increase of 17.7% with rate increases varying by territory.

Following a public comment period, yielding more than 8,000 comments, and thorough consideration, the insurance companies request was denied.

"To get the very best deal for homeowners, I settled the case with a statewide average increase of seven
percent," said Insurance Commissioner, Wayne Goodwin.

Under the settlement, the largest increase, 19.8%, will be in the beach areas of New Hanover, Brunswick, Pender, Carteret, and Onslow counties.

The beach areas of Currituck, Dare and Hyde counties also will see an increase of 17 percent. The inland areas of these coastal counties will see a much smaller increase of 8.6%, roughly the same increase that Charlotte will receive.

The rate increases will go into effect on July 1.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

LOL

""To get the very best deal for homeowners, I settled the case with a statewide average increase of seven
percent,""

This is a HUGE SCAM AND GAME...its what they wanted all along! Just got a nifty electric bill increase as well. I sure am glad we have government to help us!

Hazard/property insurance

Hazard/property insurance risk has NOTHING to do with living on the coast. That is what wind/hair coverage covers. This boondoggle is an attempt by inlanders to convince themselves and the rest of the state that we are somehow more prone to fire, theft, etc than inland and western counties. THAT is the policy that this rate increase applies to. Not 'hurricane' risks as that is covered under wind/hail and flood insurance.

This is astonishing to me that there has not been outrage as to how unfair this is as it is not based on storm damage risk at all, but rather their pushing the burden of the statewide increase to the counties they felt could 'afford' it and promoting the lie to the the rest of the state's residents that we should feel the burden because of being prone to hurricanes. When they know darn well the two policies and risk propensities have nothing to do with another.

My paycheck has been the

My paycheck has been the same for over 3 years now, and yet my payroll taxes are going up, my health insurance is going up, groceries are going up, the elctric bill is going up, and gasoline is going up.

How does a max increase of 19.8 percent and the smallest incease of 8.6 percent work out to a 7 percent average? Sounds like someone is using some crooked math somewhere.

If the insurance companies are scared to lose money after a storm, I'd say jack the rates up on the houses that cost 1 million dollars to build or replace, and deny all of the frivilous claims every time the wind blows. After all of the storms my property has weathered since 1992, I have never had to a file an insurance claim, and yet MY insurance goes up because of all of these expensive "mansions" on the beachfronts. No one should've been allowed to build right on the beachfront in the first place. Look at the very end of North Topsail Beach. Everyone knew what would happen to those houses, and yet they still get government help and insurance claims to fix their houses, and the water is still underneath them at high tide.

Most insurance is a scam anyways, you pay pay pay for years, and then one claim and they jack your rates up or drop you since you are now considered a "risk".

Insurance companies and lawerys are all the same to me. They are both great to have until you need them, than all they do is take your money and leave you hanging. The two indurstres where theft is illegal, well except for the government.

With friends like this...

How about a map?

My Social Security didn't go

My Social Security didn't go up 19.8%.......

Ha!

My salary didn't either.

well people Goodwin was just

well people Goodwin was just up for re election and that was the time to kick this left winger to the curb, but someone was asleep at the wheel and passed up a good candidate and re-elected the dem, now we get to see that for every action is a reaction, so no need to be crying that we are gonna fall under the bus, what's another 19% in cotton country? That move by Goodwin will pay him "big" dividends down the road.

B M is misinformed

Goodwin defeated a long-time insurance company executive in November 2012. You can bet Monkey Junction that Mike Causey, his opponent and a long-time insurance executive, would not have negotiated as far downward like Goodwin did. Insurance companies said their data reflected the need for an increase in our area of over 100% but capped their increase request at 30%. Goodwin forcefully rejected that, and then he forced them to drop it to 19% for the beach and 8.6% for Wilmington, and the rest of New Hanover and Brunswick County. According to the charts I found online, Insurance Commissioner Goodwin negotiated the very lowest increases in the state for nine coastal counties, increases of only 1%. Some other coastal counties are receiving 3.4%. Keep in mind that Charlotte is receiving a 8.4%, about the same as Wilmington. So, despite what "B M" leads you to think, coastal counties actually fared very well. I'm thankful that Mike Causey did not win the 2012 election because the results of insurance company rate hike negotiations would have been and would continue to be much, much worse for coastal North Carolina. And to show that Goodwin is no fluke in fighting for consumers, in car insurance premiums his work has helped North Carolina be ranked as having the third lowest average car insurance premiums in the country, according to insure.com.

You can try and defend him

You can try and defend him anyway you want, but if it walks like a duck, quacks like a duck, then it's a duck, and your man Goodwin stuck it to the coastal communities and gave the inland area's a break because that is where the meat of his vote is. period!

Un informed

Yep except you left out one tidbit, I believe that the coastal communities and counties had an increase that raised our insurance rates last rate change, that decreased Charlottes, a little Google goes a long way, coastal communities off the beaches had a 16 percent increase since 2000, while charlotte has had a 4 percent, go do the research.

They presented data compiled by Their experts and then Godwin negotiated off their numbers. Why didn't he spend some of our tax dollars and do an independent study by someone other than insurance companies.

huh?

Huh?