Insurance Rates Expected to Rise for N.C. Homeowners
Raleigh, N.C. — 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.
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.
RELATED TOPICS: Cumberland County, Durham
Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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April 25, 2007 12:40 p.m.
March 6, 2007 11:11 a.m.
March 2, 2007 5:45 p.m.
January 25, 2007 6:15 p.m.
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.
January 25, 2007 4:49 p.m.