The Insurance Commission and the North Carolina Rate Bureau have reached a compromise agreement approving a 2.2 percent average statewide homeowners premium increase according to Insurance Commissioner Jim Long. The Bureau, an independent organization representing homeowners insurance companies in the state, initially requested an average statewide increase of 12.1 percent. The insurance department estimates that this settlement saves homeowners a potential $110 million in premiums.
Beach territories (defined as anything east of the Intracoastal Waterway) will see an increase of 15 percent; territories on the coast (the remaining areas, west of the Intracoastal Waterway, in all coastal counties) receive a 10 percent increase. The last increase for these territories was a 30 percent hike in 2002.
Territories in Charlotte, the Triad and the Triangle saw no increase in rates. Minor decreases were approved for some western counties and 5 and 10 percent increases will be implemented in some counties in the east. All approved rates go into effect Aug. 1.
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