25 percent rate hike for homeowners insurance proposed for county beaches
NEW HANOVER COUNTY, NC (WWAY) — Insurance companies want to raise homeowner’s insurance rate by an average of 18.7 percent across the state, but that’s not the case in our area.
The NC Rate Bureau is actually proposing a 25 percent rate increase for New Hanover, Brunswick, and Pender counties and a 23.7 percent increase for Bladen and Columbus counties.
That number jumps to 40 percent for renters and condo owners.
According to the NC Department of Insurance, the last time a homeowners insurance rate increase request from the Rate Bureau resulted in higher rates for homeowners was in 2012. The Rate Bureau asked for a 17.7 percent increase, then after negotiation settled at an overall statewide average of 7 percent.
You can email comments about the proposal to firstname.lastname@example.org. They must be sent by December 29.
A spokeswoman with the NCDOI says they are currently analyzing the more than 2,000 page filing to see if the requested rate increases are warranted. .
If Department of Insurance officials do not agree with the requested rates, they will be negotiated with the NC Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.