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Old 09-23-2014, 10:29 AM
 
28 posts, read 51,792 times
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Concerned coastal homeowners could see a ruling for an upcoming hearing on a homeowners insurance rate increase by January 2015, said N.C. Department of Insurance Commissioner Wayne Goodwin.

January ruling expected for proposed insurance rate hike

Although Goodwin could not discuss specific details of the rate filing, he did share some background information about the proposed increase and encouraged the public to attend the hearing scheduled to begin Oct. 20.

During the hearing, Goodwin will hear evidence from both insurance companies claiming an average 25.3 percent increase for homeowners insurance is warranted, and state representatives claiming the raise is excessive.

The last raise for homeowners insurance rates went into effect in 2013.

The hearing will last three or four weeks. Day-by-day updates on the hearing will be available online at NCDOI | North Carolina Department of Insurance
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Old 09-23-2014, 01:57 PM
 
Location: Cape Cod
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What is considered coastal? 1 mile, 2 miles, what?

Here on Cape Cod, within a mile of the water (ocean or bay) is considered coastal.
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Old 09-28-2014, 04:18 PM
 
Location: Greenville, NC
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The whole of North Carolina is being crushed by these increases. The state legislature figured it would only be fair if everybody in the state helped those that own homes along the coast, pay their skyrocketing rates. Somehow they get the impression that the whole state benefits from having the OBX.
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Old 10-01-2014, 03:37 AM
 
Location: Morehead City, NC
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What is considered coastal? 1 mile, 2 miles, what?
Good question but don't think in terms of proximity to water but rather flood zone designation.
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Old 10-01-2014, 07:18 AM
 
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Quote:
Originally Posted by Bill Hitchcock View Post
What is considered coastal? 1 mile, 2 miles, what?
Good question but don't think in terms of proximity to water but rather flood zone designation.
I think it's more than that. We have two homes in Southport - neither of which is in a flood zone, but still within 1 mile of the coast as the crow flies.

There's still the wind component. Haven't had any wind damage except for trees down in '96 and they fell in the yard. Lost a tree this past winter to ice, but it fell on a vehicle, not the house.
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Old 10-03-2014, 10:25 AM
 
Location: Morehead City, NC
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There are 20 eastern NC counties designated as "coastal" through the NC department of environmental health and natural resources. But flood insurance will be determined by the flood zone designation that the property is located on. These designations can change from lot to lot.
The entire state of North Carolina can be affected by storms, wind and flooding. For example- Hurricane Hugo hit Charlotte in 1989. Hurricane Fran had a great impact in the Raleigh area in 1996. In 2004 the mountains of NC had severe flooding and landslides as a result of two separate storms that came up through the Gulf.
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