{"id":1800,"date":"2020-01-15T16:54:21","date_gmt":"2020-01-15T16:54:21","guid":{"rendered":"https:\/\/www.homeinsuranceking.com\/blog\/?p=1800"},"modified":"2020-01-15T16:54:24","modified_gmt":"2020-01-15T16:54:24","slug":"coastal-nc-homeowners-insurance-rates-increasing-in-july-2020","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/coastal-nc-homeowners-insurance-rates-increasing-in-july-2020\/","title":{"rendered":"Coastal NC Homeowners Insurance Rates Increasing in July 2020"},"content":{"rendered":"\n
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Overlooking Banks Channel in Wrightsville Beach, North Carolina<\/figcaption><\/figure>\n\n\n\n

If you are lucky enough to own a house on the coast in North Carolina<\/a>, but don\u2019t live in it full time, there is a very good chance that you will be paying more for wind insurance starting July 1st<\/sup>.\u00a0<\/p>\n\n\n\n

The N.C. Rate Bureau, an industry group that represents insurance companies writing policies in North Carolina have recently reached an agreement with the N.C. Department of Insurance<\/a> that will result in a 5.3 percent increase in wind coverage premiums for non-owner-occupied homes. This is significantly less than the rate increase of 24.3 percent that the N.C. Rate Bureau had requested. The Rate Bureau had also requested a 4.6 percent increase in fire coverage premiums but settled for no increase in fire premiums.\u00a0<\/p>\n\n\n\n

The N.C. Department of Insurance stressed in a recent press release that the latest settlement does not impact homeowner policies where the homeowner lives in their home full time.\u00a0\u00a0\u201cDwelling policies are offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full time by the property owner,\u201d the N.C Department said in the press release.<\/p><\/blockquote>\n\n\n\n

The Department of Insurance came to an agreement back in September regarding homeowner policies for full time residents in their homes. While the Rate Bureau requested a 17.4 percent statewide increase, they settled for an average 4 percent increase. Coastal dwellers experienced a much larger increase. <\/p>\n\n\n\n

Is the System Fair?<\/strong><\/h2>\n\n\n\n

It should come as no surprise that coastal homeowners often feel the system is a bit unfair and they pay more than their share of insurance increases. <\/p>\n\n\n\n

\u201cWhat\u2019s frustrating about the rate making process is that it is largely unfixable, even though our legislative delegation continues to try,\u201d said Tyler Newman, President and CEO of Business Alliance for a Sound Economy in a recent Star News article. \u201cUntil we have statewide equity in the process, we are going to get this slow drip of incremental rate increases on the coast, when our rates are already three times higher than the inland parts of the state,\u201d he continued.\u00a0<\/p><\/blockquote>\n\n\n\n

According to Newman the recent hurricanes cannot explain the significant premium increases that coastal counties have seen. \u201cA significant portion of those losses were flood-related, and the rest of the state was impacted as well,\u201d he said in the Star News article.<\/p><\/blockquote>\n\n\n\n

Here is a breakdown of recent dwelling (non-owner-occupied residences) rate insurance changes by country: <\/p>\n\n\n\n

New Hanover County<\/a><\/strong><\/p>\n\n\n\n