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

Home insurance rates on the rise for our area

Submitted by WWAY on Thu, 04/30/2009 - 8:03pm.READ MORE: Home insurance rates on the rise for our area
insurancerates300.jpg
If you own a home in our area, your homeowners insurance is about to go up. Depending on where you live, the increase could be significant. Insurance rates across the state are determined based on an area's degree of “risk”. Those of us who live along the coast are considered at high risk. Homeowner Steven Dutton said, "Whatever they charge, tough luck, you've got to pay or else you've got to move." Steven owns two homes in New Hanover County. The insurance rates on both of his properties are about to go up. For him, it's double or nothing. “The frustration for me comes in that you literally have a gun to your head saying, you have to pay this, because you've got to have the coverage." Here is how insurance will increase: Our area is split up into three territories. The area in blue is Columbus and Bladen counties. The red is New Hanover, Brunswick, Onslow and Pender. The yellow is the parts of the counties that touch the coastline. The area in blue is looking at a 12 percent increase, the red about 29.8, and the yellow will see 17.5. Kim Guyton of Oleander Insurance said, "We live on the coast so we are at a higher risk of hurricanes and things of that nature. So it's going to be higher than if you lived inland." The North Carolina Department of Insurance has the jurisdiction to determine what areas are at a higher risk than others. Problem is, hiking the rates now may put people in a bind. "Any cost of living increase in any economic conditions is painful," said Dutton. Dutton said right now, homeowner insurance is a must, whether he likes to pay for it or not. But it paves the road for other companies to step in and challenge these rates. "A solution to this would be, to create an environment that encourages competition," Dutton added. It is important to point out these rate increases are separate from the beach plan you may have heard about. The beach plan refers to just wind and hail insurance, as opposed to general homeowner’s coverage and effects coastal counties. The beach plan rate hike is currently on hold.

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.

»

wind and hail

Submitted by BB (not verified) on Thu, 02/11/2010 - 1:40pm.

Hello All-We live 10miles from the beach and our rates are over 2400$ a year for wind and hail. It was 1200 a couple years ago and now since we are "coastal" community we have to have LARGE wind and hail, not to mention we dont ever use it, since most all storms pass us by since we are close to the beach, that is why inland about 20 or so miles is higher. I know jacksonville gets WAY more storm activity than we do. But we are all in a military town and this insurance is CRAZY. we might loose our home because of the insurance hikes AND now our taxes are going to be doubled so Charlotte can have some money! We are going to start being taxed as beach and it takes us 15m to get to the darn beach. People if you want to see changes, you HAVE to contact your congressman and complain.

»

Home Owner Insurance Increase.

Submitted by Rita (not verified) on Sun, 05/03/2009 - 1:19pm.
This is totally unfair. If we let the insurance commissioner get away with this we deserve the increase. How can you increase inland 30% and the coast only 17%. Come on folks we need to get busy. I am calling the governor and our congressman. Yes and I am also going to notify the insurance commissioner. We can barely make ends meet now. We can not continue to get hit like this without a large pay raise and that's not going to happen. Where do we suppose to get the money from. Enough is Enough. Stop taking advantage of poor people.
»

Increase in insurance

Submitted by Mary Best (not verified) on Tue, 02/23/2010 - 10:03pm.

How short sighted can the insurance commissioner and other politicians be?

I think homeowners must pay more in taxes than renters. Owning a home involves more than property taxes. What about all the things and services purchased in regard to upkeep of a home? On top of insurance increases we are being asked to OK a 1 cent sales tax increase as well in Baldwin County.

I simply can't afford to stay here. To handle the increase in insurance I am giving up 2 perscriptions. I will give up my landline phone with hi-speed internet when I graduate in May. I already seldom turn on the heat and AC is set to go on when temps hit 85 degrees in my house. I have never had cable since moving here.

I am so angry I am planning on getting my home ready to sell so when I finish my graduate degree I can move somewhere where I can get a better salary and not keep having the financial rug pulled out from under me by insurance companies who are flat out greedy.
Please pray selling my home won't take more than 2 years. If I could get my equity out, I would not hesitate to walk away from my home. It has become a burden that jepoardizes my finacial future largely because of the insurance demands.

My insurance company dumped thousands of people in FL and then had some stock market set backs. Instead of sucking it up like everyone else does they seek to maintain profits by jacking up insurance on people already just keeping their heads above water. They have a long history of doing this.

Insurance companies should not be allowed to call themselves "Good Neighbors" and should ackowledge you are in a precarious state when in their "good hands". They do not care about people. They are a for-profit industry and as such it is foolish to think they will shed a tear about what their avarice has done to other people.

»

Homeowners insurance

Submitted by Rose Bryant (not verified) on Fri, 05/01/2009 - 10:34pm.
What is up with the way the increases are being distributed? I would think the parts of the coastal counties actually touching the waterfront would be at a greater risk of serious damage than those of us who live inland, but the increase is less for the waterfront areas.Also the western areas of the state will see decreases and the fact of the matter is they have had as much damage in recent years as the coast due to flooding.Is this just another underhanded way to force older folks and those of us who live in manufactured homes to move so the wealthy land developers can buy our land for nothing for more developments like Maggie Greens or Waterford?
»

Insurance rates going up

Submitted by Guest9999999 (not verified) on Fri, 05/01/2009 - 8:58pm.
"The beach plan rate hike is currently on hold." Am I missing something??? I just received my wind and hail bill and it went up $1200 (and I do not live at the beach)!!! Does the NC Joint Underwriting Association know that it is on "hold"??? My fire/theft insurance went up almost $300 also. So... where is the extra $1500 going to come from now that my salary has been reduced about 6% and the reassessment(perfect timing) was just done resulting in an additional increase in my property taxes. SOMETHING has GOT TO GIVE!!
»

Rep resented

Submitted by Guest1234 (not verified) on Fri, 05/01/2009 - 7:32pm.
It is obvious that people were not considered in this decision except for the depth of their pockets.Hopefully we will not suffer through a storm that causes devastating damage but if it does and claims are denied as usual,I will be here to remind that you got your 30 percent.
»

Insurance Rate Increase

Submitted by CP (not verified) on Fri, 05/01/2009 - 4:59pm.
Boy am I confused. My Home Owners does not cover any damage from Hurricanes. I thought this was the purpose of the "Wind and Hail Insurance" which is 3 times more expensive and is required to have by most lenders . So why the increase in Home Owners Insurance and why the Bizzare distribution of increases?
»

Obey!!!

Submitted by fed up (not verified) on Fri, 05/01/2009 - 3:46pm.
Obey your GOVERNMENT!! Ask no questions! Get in line. Follow you elected leader's orders!
»

Homeowners Insurance hike

Submitted by Renee Gibson (not verified) on Fri, 05/01/2009 - 12:58pm.
This is getting a little out of hand. The big American dream of owning a home is going down the drain. Our government; yes the ones we vote into office are shoving us out of our homes and we do nothing. Each of us should email the NC Insurance people. Its just stupid the way they did this. Like a hurricane is gonna jump over those million dollar homes and come for us inland. Think about that for a moment...is that stupid or what? Those people out there are the first ones at the insurance office after a storm knowing good well they could pay for any damage. Plus, it's not like they didn't know where they were moving to. Use some common sense. Ever heard the expression don't build your house on the sand? Like someone said before the middle class is getting stiffed again.
»

Rate increase Homeowners insurance

Submitted by cintrek (not verified) on Fri, 05/01/2009 - 12:34pm.
I'm so grateful for having a job but my hours have been cut & if the economy doesn't increase soon by July my hours will be cut again. I've cut back on everything since I'm a single low income house. I bought my home last year but it's tough. What's not in my budget is cable, satellite or converter box (so I don't watch TV at all), no computer (I use the one at work during my break), I won't turn the AC on til it becomes unbearable like 90 degrees so my electric bill will stay under $45, no vacations, entertainment, shopping (only at thrift stores, flea markets, yard sales as necessary), I definitely eat less but much healthier foods because a salad will fill me up, I even cancelled my health insurance & wind & hail insurance since my lender didn't require it. I know I'm taking a risk but I'm unable to afford. I drive an old small fuel efficient car (paid for), live 5mls from work. So in a nut shell I only live on the basics in life. I don't do drugs (legal or illegal at all), smoke or drink. Folks just sell it and do without all the "stuff" so you can be prepared. Cancel everything you can, turn off the AC & don't go out. I bet if you keep a written record of everything you spend on a daily basis you'll realize that you can do without. They're going to raise everything that possibly can be raised but our incomes, mine included, don't increase 30%, not even over a 5yr period. Keep involved in politics and remember to VOTE EVERYBODY.
»

taxes increase

Submitted by Lynn Taylor (not verified) on Fri, 05/01/2009 - 11:30am.
How is a single person going to be able to afford this?
»

A couple of things...

Submitted by inmytree on Fri, 05/01/2009 - 10:18am.
First, it's funny how some like to blame Obama for this. Some are so simple. Second, if memory serves me right, Western NC has been hit harder by Hurricanes in recent years. I can't recall the names, but there were a couple that came in from the Gulf Coast and caused major damage to the Western part of the state. Where is their 29% increase...?
»

Why were these increases approved?

Submitted by Bret (not verified) on Fri, 05/01/2009 - 9:43am.
The one thing that still confuses me is that the insurance companies continued to post profits following Katrina. If they were able to cover the economic damage from a major storm hitting a major city and still turn a profit, how did they convince the North Carolina Department of Insurance that they needed to impose an increase? Have the folks that are supposed to represent our interests worked too close for too long with the companies they are suppose to regulate?
»

This doesn't surprise me at

Submitted by WilmMan on Fri, 05/01/2009 - 9:02am.
This doesn't surprise me at all....The Governor is reducing state employees income while at the same time taxes are being increased and insurance rates are being increased. Get ready for another recession. How does the government expect people to be able to live when EVERYTHING is going up except our pay?
»

There are options....

Submitted by Guest461 (not verified) on Fri, 05/01/2009 - 8:09am.
Sell it and rent. Obama is going to take away the interest deduction on your taxes and plans on reinstating the capital gains tax on the sale of your primary residence to help pay for his brilliant "Stimulus Package". So what's the big deal about owning anymore? Most people will still owe a couple of hundred thousand on their home when they retire. Take the money and run. It's greedy society we live in and it's getting worse.
»

WHILE

Submitted by Guest7969 (not verified) on Sat, 05/02/2009 - 11:06am.
I am NO Obama follower...The interest reduction only would kick in IF you make over 250,000 dollars a year...and I am not even CLOSE. I don't agree with it...but I am not going to be a part of it either.
»

i sold two years ago and

Submitted by Guest111 (not verified) on Fri, 05/01/2009 - 3:28pm.
i sold two years ago and bought elsewhere. i didn't like what wilmington had become after living there for 15 years. we moved to another state (which will remain unnamed as i don't want what happened in wilmington to happen here) where our property taxes are 14 percent of wilmington, no propert taxes on vehicles, no income tax. our insurance is a quarter of what it was in wilmington. i'm done. i'm gone. and it was a VERY good decision.
»

rent?

Submitted by Das Weibstück on Fri, 05/01/2009 - 1:09pm.
Guess what? Rents will go up right along with this. Who do you know that rents homes that will take this as a loss? No one, costs go up for the landlord so does the rent.
»

And the middle man gets

Submitted by Guest632598741 (not verified) on Fri, 05/01/2009 - 1:02am.
And the middle man gets nailed again! Someone explain this: if the higher at risk areas are getting the most increases, then why is it the houses right on the coast are only getting a 17 percent increase, while the rest of new hanover is getting a 29.5 percent increase? Because the middle class are getting stiffed again. How many middle class americans own a million dollar home on the beach? Not very many. And don't give me the bull about why should we pay more just because we own a bigger, nicer, more expensive home. Everyone should get the same increase in new hanover county. Its a percentage, which means the higher the price, the more you pay. At least that is the way it should be. I'm not going to tell anyone how they should spend their money. Your money is your money. However, don't expect me to pay for your dumb decisions, ergo, buying a fancy home on the beach.
»

Rates

Submitted by jj on Thu, 04/30/2009 - 8:28pm.
You would think if this had anything to do with the possible damage caused by a storm the area in Yellow would be paying more than 17.5%. But wait,, I bet this is the area where the politicians have their vacation homes.
»

How are people on a fixed

Submitted by Irate Customer (not verified) on Thu, 04/30/2009 - 8:10pm.
How are people on a fixed income suppose to be able to pay for an increase in homeowners insurance? We live on a fixed income and a 29.8% increase is not a good thing especially in this economy. The increase could mean a person on a fixed income will have to do without food or medicine or heat or cool in order to pay their homeowners insurance.
»

JUST WAIT.....

Submitted by POLIGuest (not verified) on Thu, 04/30/2009 - 7:23pm.
Just wait till the Democrat tax increases kick in, you know to pay for all those programs and "loans" the Demos are flying through Congress with their majority vote. When it all hits the wallet, and the job market continues to shrink, this agenda will finally sink in.....along with this crippling insurance hike. But why is the increase on property DIRECTLY on the coast less than the rest of the county???
»

North Carolina

Submitted by Native (not verified) on Fri, 05/01/2009 - 9:26am.
Born and raised in this state, I am truly disgusted. We are all falling on hard times. People losing jobs, wages being cut, prices getting higher...and now this! Our insurance is going to increase almost 30%??? How do they get this number? This is just another way of the middle % lower class getting stiffed as they very well know we will be unable to afford it. My compliments to you Bev Purdue. You continue to run this state right into the ground. You are more worthless than I ever expected.
»

home owners insurance

Submitted by Guest: tarheels125 (not verified) on Fri, 05/01/2009 - 4:02pm.
This comes on top of the bond referendium that was voted on and passed for Cape Fear Community College. Wasn't that an 11% property tax for New Hanover homeowners? There is no end in sight for the out of control spending and the special favors being shown for election votes. Middle class Americans are being robbed by our government and we are helpless to stop them? Our only hope is to vote in the next election. The sad thing is there will be so much damage done, I don't know how long it will take to recover. May God have mercy on us, because our politician won't and the media is in lala land. Not one of them cares enough to challenge our politicians and ask the tough questions. They say love is blind, maybe someday the media will get over their love affair with the politicians, and see what is going on right under their noses.
»