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.”
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.