Settlement reached, insurance rates to increase July 1
New Hanover County, NC (WWAY) — The North Carolina Department of Insurance and the insurance industry have reached a settlement. The agreement could mean a 19.8% increase for some coastal residents in the county.
The North Carolina Rate Bureau, on behalf of the insurance companies, requested a statewide average increase of 17.7% with rate increases varying by territory.
Following a public comment period, yielding more than 8,000 comments, and thorough 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%, 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 of 8.6%, roughly the same increase that Charlotte will receive.
The rate increases will go into effect on July 1.
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