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Insurance Rates Expected to Rise for N.C. Homeowners

Posted January 25, 2007

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— Insurance rates are going up for homeowners in North Carolina.

Statewide, the average increase is 5.4 percent. Durham- and Raleigh-area homeowners will see a 3 percent increase.
while Cumberland County residents would see an 8 percent increase.

The biggest changes will be for most coastal residents. Rates are expected to increase by 25 percent.

State Insurance Commissioner Jim Long signed off on the agreement with insurance companies on Thursday.

Long said the rising cost of homes and the escalating costs of repairing them are behind-the-rate increases.
11 Comments

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  • wisdomb4beauty Apr 25, 2007

    You're so right on the money "tbajr". Every time state workers (many are underpaid, unless they're a political buddy) get raises, someone always finds a way for us to spend them. We NEVER get to spend it like we'd like which is what a "bonus" or raise in pay is supposed to be used for. It's supposed to be a gesture of "thanks" for doing a good job and here's some $$ as a reward. State workers never get to spend it for what they'd like. Someone always jacks up the cost of something else and there goes our little 2%. Last year was the only year in my 19+ years with state government that I got what I'd call a DECENT raise of 5.5%. I actually could see a difference in my check then. Just when I get a chance to get ahead a little, now insurance is going to eat up what's left of my little 5.5% from last year. Easley's already offered up about a 2% for state workers this year so I just as well consider myself as not getting any raise at all now that my insurance is going up.

  • Bob3425 Mar 6, 2007

    The raising the rate for what? It not the cost of home, it because of all the payment they had to make to hurricane victims, my mistake they did not pay out they found loop holes. The middle class gets it again. I wonder what Commissioner Jim Long is paying.

  • Scarecrow Cow Mar 2, 2007

    I guess I'm going to be renting for a long time. =/

  • CBUR Broker 1 Jan 25, 2007

    WOW, since you can't find the person to claim that 74 million dollar lotto ticket... well, 36 million after taxes, go ahead and disburse it respectively to the insurance companies. First annexation, now this... guess you people can't let us get to far ahead.

  • baldy64 Jan 25, 2007

    My homeowners insurance already goes up almost $100 a year. The reason? They say it is because the cost to replace the home is more, and they have to adjust it accordingly. So why do we need another 8% increase on top of that?

    We have never filed a claim, and we even upped our deductible to $5,000 ($2,500 for wind and hail, $2500 for other damage), to reduce the premium cost since it was skyrocketing $100 a year.

    We don't intend to file petty claims, that's why we felt it was wise to raise the deductible, and lower our premiums. Some good that did.

  • What The Deuce Jan 25, 2007

    Hey, if i say im an illegal, can I get if for free?

  • tbajr Jan 25, 2007

    THANKS INSURANCE COMPANIES, THANKS COMMISSIONER LONG, US RANK
    AND FILE STATE WORKERS WERE WONDERING WHERE TO SPEND THAT BIG
    RAISE WE GOT LAST YEAR!

  • atheistswillserveinhell Jan 25, 2007

    I knew we would have to pay for Katrina one day.....

  • cynthiashell Jan 25, 2007

    Why is it that only bills that consumers have to pay always go up. Why can't something ever go up to benefit people instead of things going up that I already can't afford at the current rate.

  • Munchie Jan 25, 2007

    How about raising the insurance to those who file a claim. Why punish all of us!

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