Homeowner insurance rates could go up - WSFX - FOX Wilmington, NC

Homeowner insurance rates could go up

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Proposed homeowners insurance rate increase Proposed homeowners insurance rate increase

WILMINGTON, NC (WECT) - The North Carolina Rate Bureau released a new proposed revised premium rate for homeowners insurance.

According to this information, homeowners insurance is proposed to increase by an average of 17.7% statewide. However this number is higher for coastal communities.

For New Hanover, Pender, and Brunswick counties, this number could be as high as 30% because they're close to the water.

Tyler Newman with the Business Alliance for a Sound Economy said this should not make a difference.

"The perception is that we have more hurricanes than the interior part of the state but that's not true," said Newman. "The hurricanes, the storms that we have, don't stop at I-95, they move all the way through the state."

For the first time, the public will have the opportunity to comment before the final rate increase is decided.

The Department of Insurance should announce soon when that will happen.

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