Wake homeowners should expect to see 10% hike in homeowners insurance rates next year
Across the state, homeowner's insurance rates will rise by nearly 8% on average. In Durham and Wake counties, rates are rising by nearly 10%. Coastal counties like Brunswick, New Hanover, Currituck and Dare will also see an insurance rate increase of nearly 10%.
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Across the state, homeowner's insurance rates will rise by nearly 8% on average under a settlement announced Wednesday between the North Carolina Department of Insurance and the North Carolina Rate Bureau.
In Durham and Wake counties, rates are rising by nearly 10%. Coastal counties like Brunswick, New Hanover, Currituck and Dare will also see an insurance rate increase of nearly 10%.
The Bureau had proposed a 24.5% average rate increase due to more wind and hail losses from damaging storms. That rate was negotiated down to the current 7.9%.
Mike Causey, commissioner for the Department of Insurance, said this negotiation saved homeowners $751 million in premium payments.
"I am glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money," Causey said in a release.
These changes will go into effect after June 1, 2022. The North Carolina Rate Bureau would not be able to raise insurance rates again until 2024, officials said in a press release.
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