Local homeowners to see rates go up nearly 30%
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Insurance companies asked for a nearly 20 percent increase across the state. They settled for a slight four percent hike. Forty-three counties will actually get rate cuts, but in our hurricane prone area, that's not the case. Homeowners in Brunswick, New Hanover and Pender County will see nearly a thirty percent increase. Bladen and Columbus rates will go up twelve percent. Wrightsville Beach homeowner Mike Searson said he'd rather the increase than the alternative. “I'd much rather have a competitive market place, which is what you don't have when the state becomes the insurer.” Homeowners south and east of the Intracostal Waterway will be hit hardest by the rate increase but they won't be the only ones affected. And it seems everyone agrees that the timing for the rate increase is poor. Ryan Roberts, a Leland homeowner said, “Timing is really bad you know this time of year the way the economy is going, and to come across with a rate increase it's going to be really hard for a lot of people on fixed incomes.” North Carolina insurance commissioner Jim Long said "I feel that we've reached a settlement that is fair to both consumers and insurance companies in North Carolina." Leland homeowner Randy Roberts doesn't understand why his rates should go up at all since he's not on the coast. “This neighborhood has been here for 45 years and we've been through all the hurricanes all the damage we got is just some shingles.” There's still a question of how the rates will be divided among inland and coastal areas - and whether or not inland homeowners will see the same increase as those on the beach. The rate increase will be the third in four years for coastal North Carolina. Rates rose fifteen percent in 2005 and twenty-five percent in 2007.

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If they settled on a mere 4% hike then WHY DO WE GET a thirty percent increase??? Bladen and Columbus rates will go up twelve percent?? How is that possible if they only got approval for 4%?? That does not make sense at all. I live 20+ miles inland, never made a claim. I guess someone has to pay for all the money the insurance companies paid out to Katrina and other hurricane victims.
I have never made a claim and for the past 7 years, I have paid more and more for my house payment because my insurance continues to rise. Wilmington has not had a hurricane hit in years but the places that are not being affected have had bad weather and major claims. I guess since we are already struggling, the sorry insurance commissioner that got voted in is thanking those who voted for him by getting himself a raise. I saw a post somewhere else that mentioned Katrina and Rita being the reasons, but obviously they did not know what they were talking about because those never affected NC.
... that "State Farm North Carolina" is a different company than "State Farm Louisiana"....that when Allstate pays a claim in Texas for damage from Ike, it doesn't reduce the funding available to pay claims anywhere else in the country? There is no sacred, reserved money. It all comes out of a big corporate pot and is shifted around and paid out where it is needed. The simple fact is that so much has been paid out since 2004 that the insurance company cash reserves are dangerously low. Would you rather not have a rate increase and have your insurance company tell you, "Sorry - we're broke" when you really need them the most? Remember, too, that it wasn't too long ago that the Insurance Commissioner had to wheel, deal, threaten and cajole the insurance companies into REMAINING in North Carolina, but here's the bottom line: If they reach a point where they can't make money, they will simply leave the state. We'll wind up in a huge quagnmire, like Florida has found itself in for the past two years, as company after company cancels policies or refuses to write any new ones.
Funny, because in home state rates are actually coming down, a lot. I guess NC gets what it asked for, in putting the power in the hands of regulators by electing psuedo-socialists rather than allowing for true free markets (not that any state has now, or has ever had, true free markets).
The insurance are scared the big hurricane is going to come, WOW you insurance idiots, If I remember correctly Hugo did more damage to Charlotte than Fran did to Wilmington, and what about the flooding that Raleigh and the rest of the state received during Fran. So everybody needs to pay the price not just the coastal counties. If I remember correctly the insurance companies usually won't pay if there is a claim in the event of a hurricane. So why have it! Oh, I forgot the insurance companies control most the lobbiest that help our current politicians get elected.
I forgot a few things...first what in the world do we elect our officials for? They apparently aren't doing their jobs. My pay increases simply CANNOT KEEP UP with rise in home insurance, health insurance and cost of goods. The cost of goods has gone up and simply HASN'T adjusted down since the cost of fuel went down. The cost of things like electricity, etc haven't gone down either. These types of things are whittling away at the little bit of money people have left. I am SURE my health insurance will go down next year as well...when this little gem rolls around...it will NEGATE any raise I might get next year after taxes. This whole thing really TICKS ME OFF and now I am just plain INFURIATED about the whole thing.
Our commissioner of insurance says this is "FAIR". So let me get this straight...we see a fifteen..then for me a THIRTY the LAST time it went up...NOW they want ANOTHER THIRTY percent hike? ON TOP OF THAT the insurance companies slid in HURRICANE DEDUCTIBLES...so not only do they get a HIKE they get EXTRA money in deductibles when a hurricane DOES hit. There is ABSOLUTELY NO JUSTIFICATION for an increase..NON AT ALL! Someone is padding SOMEONES pockets here!
This is just another example of politics at its core... the political scene in NC needs a complete overhaul, from the corrupt actions of House Speaker Black, and who believes he did thos all on his own... he's the only one who acted that way.. Yeah,,Its not about the people its about them. Maybe we should put up a toll at I40/College and another at I17 and collect a fee for all who want to come to the area.. $5.00 per car for visitors and $100.00 for politicians/legislators. and oh yeah 30% more for Commissioner Long!
The purpose of insurance is to spread the risk of loss among all participants of the program. Why are we allowing the insurance industry to single out specific areas to impose a different rate??? Is it just to feed their need for more profit at our expense while minimizing their losses?