Local News

Insurance Rates Expected to Rise for N.C. Homeowners

Posted January 25, 2007 12:01 p.m. EST

— 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.