Wilmington, NC March 22, 2013 – A settlement reached between the North Carolina Department of Insurance and the insurance industry means a 19.8 increase for some coastal residents of New Hanover County.
The North Carolina Rate Bureau, on behalf of the insurance companies, requested a statewide average increase of 17.7 percent with rate increases varying by territory and form in October 2012. For each of North Carolina’s coastal counties, the companies requested a 30 percent increase in homeowners rates.
Following a public comment period – yielding more than 8,000 comments – and through consideration, the insurance companies request was denied. “To get the very best deal for homeowners, I settled the case with a statewide average increase of seven percent,” said Insurance Commissioner, Wayne Goodwin.
Under the settlement, the largest increase – 19.8 percent – will be in the beach areas of New Hanover, Brunswick, Pender, Carteret, and Onslow counties. The beach areas of Currituck, Dare and Hyde counties also will see an increase of 17 percent. The inland areas of these coastal counties will see a much smaller increase – 8.6 percent – roughly the same increase that Charlotte will receive.
The rate increases will go into effect on July 1.