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Proposed insurance rates would mean big hike for some in SENC, cuts for others

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WILMINGTON, NC (WWAY) -- A breakdown of the new rates requested late last week by North Carolina insurance companies show many people in our area would see big increases if approved, while many others would actually see their rates go down.

The NC Department of Insurance today released a list of the changes requested by the NC Rate Bureau, which represents insurers, by proposed territory.

While the DOI says the requests work out to an average increase of about 25 percent statewide, most homeowners in southeastern North Carolina would see a 35-percent hike if the request is approved as submitted. Those areas include all beach areas, Columbus County and what's defined as "Eastern Coastal areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties."

Click here to see the full breakdown of rates by territory

But some areas a little bit away from the beach would actually see a rate cut of 2.7 percent. That would apply to Territory 52B, which is described as "Western Coastal areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties." That area includes much of Wilmington, Leland, Burgaw and Jacksonville, among other communities.

The proposal calls for an 18.3-percent increase for Bladen County.

Insurance Commissioner Wayne Goodwin chastised the insurance industry for requesting the rate change late Friday afternoon just months after winning approval of a rate increase. Goodwin has vowed to fight the request with a full hearing. Insurers want the changes to go into effect in August.

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.

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I AGREE ,NO MORE RATE HIKES/IT IS KILLING THE WORKING MAN OR WOMAN. WE DON'T GET RAISES TO ADJUST THESE. THE INSURANCE IS A RIP OFF ANY WAY. WHAT DOES IT PAY FOR,WHAT GOOD IS HOMEOWNERS .
ANOTHER RATE HIKE I REFUSE TO PAY AND THE LOAN COMPANY CAN HAVE THIS PLACE AND THEY CAN PAY. I WILL NOT PAY NO MORE WIND HAIL FOR FAT ASS PEOPLE TO SIT IN CARY NC TO LIVE OFF OF ME. LET THOSE IN THE OFFICE GET A REAL JOB.

NO HURRICANES HERE IN ALMOST 10 YEARS,20,000 IN INSURACE FEES WHAT DID I GET ,DEEPER IN DEBT, SO NC PEOPLE STAND UP AND FIGHT TO GET RID OF WIND AND HAIL OR STARVE TO DEATH TRYING TO PAY FOR IT NOT ME .
IT IS A SIN TO LIVE AT THE COAST BETTER OFF IN THE MOUNTAINS. SO WAKE UP AND PROTEST THIS

Ocean isle beach

My husband and I are looking into buying a house there as we live in Boston now. The insurance talk is scary. What are your annual ins premiums now and what are they increasing too? Any nice areas on a lake in the mountain area you can steer me to? How far is the beach from the mountains?

Wow

20 Percent increase Home owners insurance
52 percent increase health insurance...

BACKWARDS we go. Every raise I have gotten in 5 years is being erased as new ones don't cover new expenses. Those two costs should be included in INFLATION because you are FORCED to have them and pay for them!

Wait...

You have received a raise?

NO WAY IN H#%^!

I AM NOT PAYING THESE GREEDY JERKS ONE MORE DIME. I WILL LET THE BANK TAKE MY HOUSE BEFORE I DO. WIND AND HAIL, FLOOD INSURANCE, PROPERTY INSURANCE AND FOR WHAT? SO A BUNCH OF INSURANCE LOSERS CAN MISMANAGE MONEY THAT I WILL NEVER GET BACK.

INSURANCE IS A SCAM. I AM MOVING TO ANOTHER COUNTRY. PERHAPS I WILL BUY MY OWN. WITH ALL OF THE MONEY I SAVE NOT PAYING THE GREEDY BANKERS AND INSURANCE TYPES WHO ARE IN BED WITH THE CROOKED POLITICIANS I SHOULD HAVE A PRETTY GOOD CHUNK O CHANGE.

NO WAY. NO HOW. TAKE MY HOUSE THEN YOU CAN PAY YOUR OWN INSURANCE ON ALL OF THE PROPERTIES YOU HAVE IN YOUR PORTFOLIO.

two items

Before you ever post again, look to the left side of your keyboard and locate the key labeled 'Caps Lock' and press it once. Then rip it off your keyboard because you can't use it responsibly.

The second item is if you let the bank take your house, will you then be renting? If so, your rent will be paying your landlords insurance.

Great plan you have there.

It will be even better

some investor, like me, will buy the house from the lender for 40 to 50 cents on the dollar; put a few bucks in it; and either rent it for long term income or flip it for a quick sale.

Either way, we smile all the way. And all because someone thinks they know more than a bank or insurance company.

There was another recent poster who thought he knew better.

God Bless Them. They create wealth building opportunities.

I'd be willing to bet they have a $100 deductible on their respective policies. That's being penny wise and dollar foolish. Go with a $1,000 or higher deductible and see a 30 to 40% premium reduction. But that makes sense; so they won't.

Are they talking about Wind

Are they talking about Wind and Hail or Hazard insurance?

52b ?

The NCRB website doesn't show Territory 52 divided into A and B. Maybe you could get us a map so we can see specifics of what you're reporting about? Thanks.

Territories

Please click on the link in the story above. It has the list of proposed territories and rate changes. The rate proposal included changes to territories.

Works for me!

Mine will go down 2.7% The rest of you can fend for yourselves or move your trailers somewhere else

If your rates are going

If your rates are going down, obviously your property has lost value. Guess this is true for most 40 year-old single-wides.

Insurance rates had dropped with home values....

Home values had dropped, which means cheaper rates accordingly. That's why the rates are wanting to be raised by insurance companies, so to make up for their lost revenue. Simple math...and homeowners aren't dealing with WalMart on this one either.
Rates will go up...count on it. It didn't take a recent tropical storm to raise Wind and Hail in NC...but in other parts of the country (Sandy), so insurance companies play grab bag on storm hit areas from over the years. Looks better on paper...risk or not.

They just got a huge increase in insurance rates!

And they just became effective July of 2013! Now they want an additional 35%?. Greedy bunch of money grubbing hogs! Between taxes and homeowners insurance, NC is starting to look more and more like NY state!

Insurance companies, AKA "Legal Thieves"

Pigs get fed, hogs get

Pigs get fed, hogs get slaughtered.

Except in government ...

...where hogs are rewarded for their gluttony.