Carteret County and other NC coastal counties will see a 9.9 % homeowners rate increase
The N.C. Department of Insurance recently resolved a legal dispute with the North Carolina Rate Bureau (NCRB). The dispute revolved around the proposed 24.5% homeowners’ insurance rate increase that the N.C. Rate Bureau was requesting. The two agreed on an average rate increase of 7.9%.
The agreement was announced by Insurance Commissioner Mike Causey in a news release Nov. 23.
“I am happy to announce that North Carolina Homeowners will save over $751 million in premium payments compared to what the NCRB had requested,” Mr. Causey said in a recent press release. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
The disagreement dates back to Nov. 9, 2020, when the NCRB proposed an overall statewide rate increase of 24.5 percent. Rates would vary by county with Carteret County, as well as other coastal counties seeing a roughly 25 percent increase, the highest across the state.
Due to the new agreement, Carteret County, and other NC coastal counties will see a 9.9 percent homeowners rate increase. The western region of the state will only see a 5.9 percent increase which works out to a statewide increase of roughly 7.9 percent.
The increases will take effect on new or renewing policies on Wednesday, June 1, 2022. The agreement also stipulates that the NCRB will not request another rate increase until 2024 at the earliest.
If you are interested in the rate increases in your particular county, check out www.ncdoi.gov/media/2430/open.
NC Homeowners Territories
| Territory | Counties/Cities Located in this Territory | Rate increase/decrease |
|---|---|---|
| 110 | Beach areas in Currituck, Dare and Hyde Counties | 9.9% |
| 120 | Beach areas in Brunswick, Carteret, New Hanover, Onslow 120 and Pender Counties | 9.9% |
| 130 | Coastal areas in Currituck, Dare, Hyde and Pamlico Counties | 9.9% |
| 140 | Eastern Coastal areas of Brunswick, Carteret, New Hanover, 140 Onslow & Pender Counties | 9.9% |
| Eastern Coastal area zip codes: 28403, 28404, 28405, 28406, 28407, 28408, 28409, 28410, 28411, 28412, 28422, 28428, 28443, 28445, 28459, 28460, 28461, 28462, 28467, 28468, 28469, 28470, 28480, 28511, 28516, 28520, 28524, 28528, 28531, 28532, 28533, 28539, 28553, 28557, 28570, 28577, 28579, 28581, 28584, 28589 | 9.9% | |
| 150 | Coastal areas in Beaufort, Camden, Chowan, Craven, Jones, Pasquotank, Perquimans, Tyrell & Washington Counties | 9.9% |
| 160 | Western Coastal areas of Brunswick, Carteret, New Hanover, Onslow & Pender Counties | 9.9% |
| Western Coastal area zip codes: 28401, 28402, 28420, 28421, 28425, 28429, 28435, 28436, 28447, 28448, 28451, 28452, 28454, 28456, 28457, 28466, 28478, 28479, 28518, 28521, 28540, 28541, 28542, 28543, 28544, 28545, 28546, 28547, 28555, 28574, 28582 | 9.9% | |
| 170 | Gates and Hertford Counties | 9.9% |
| 180 | Bertie, Greene, Martin, Pitt, and Wayne Counties | 9.9% |
| 190 | Duplin and Lenoir Counties | 5.9% |
| 200 | Columbus County | 5.9% |
| 210 | Edgecombe and Wilson Counties | 5.9% |
| 220 | Cumberland and Sampson Counties | 9.9% |
| 230 | Bladen and Robeson Counties | 5.9% |
| 240 | Franklin, Halifax, Johnston, Nash, and Northampton Counties | 5.9% |
| 250 | Harnett, Hoke, and Scotland Counties | 5.9% |
| 260 | Granville, Person, Vance, and Warren Counties | 5.9% |
| 270 | Durham and Wake Counties | 9.9% |
| 280 | Chatham and Orange Counties | 9.9% |
| 290 | Lee and Moore Counties | 5.9% |
| 300 | Anson, Montgomery, and Richmond Counties | 5.9% |
| 310 | Cities of Greensboro and Winston-Salem | 5.9% |
| 310 | Caswell County | 5.9% |
| 310 | Alamance, Forsyth, and Guilford Counties | 5.9% |
| 310 | Davie, Rockingham, Stokes, and Surry Counties | 5.9% |
| 320 | Davidson and Randolph Counties | 5.9% |
| 320 | Cabarrus and Rowan Counties | 5.9% |
| 330 | Yadkin County | 5.9% |
| 340 | City of Charlotte | 9.9% |
| 340 | Mecklenburg and Union Counties | 9.9% |
| 340 | Alexander, Iredell, Stanly, and Wilkes Counties | 9.9% |
| 350 | Gaston County | 5.9% |
| 350 | Cleveland, Lincoln, and Rutherford Counties | 5.9% |
| 360 | Alleghany, Ashe, Buncombe, Burke, Caldwell, Catawba, Henderson, McDowell, Polk, Watauga, and Yancey Counties | 5.9% |
| 370 | Avery and Mitchell Counties | 5.9% |
| 380 | Haywood, Madison, Swain, and Transylvania Counties | 5.9% |
| 390 | Cherokee, Clay, Graham, Jackson, and Macon Counties | 5.9% |