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Old 01-26-2007, 02:45 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,689,105 times
Reputation: 3808

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Homeowner insurance premiums will rise by 25 percent along the coast this year as a result of the rising cost of homes, higher repair costs and a recent history of severe damage from storms, state Insurance Commissioner Jim Long said.

The new rates, which take effect May 1, are the result of a settlement between the insurance industry and the state Department of Insurance.

The average premium increase on home insurance statewide is 5.4 percent, far below the 21.9 percent jump sought by insurers. Rates are set by region, based on the number and type of claims and repair costs in each area.

The last rate increase was in 2005, when rates along the coast jumped 15 percent.

The last storm to hit the coast was Hurricane Ophelia in 2005, which caused more than $40 million dollars in damage.
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Old 01-26-2007, 03:38 PM
 
14 posts, read 51,304 times
Reputation: 16
mm34b
Thanks for that information. That ads up to a 40 percent increase in less than two years. I wonder if the realtors will tell there pers pective clients this information, I doubt it. I was thinking about buying on the coast and now I am having second thoughts. I appreciate this information. Thanks again.
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Old 01-26-2007, 03:40 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,689,105 times
Reputation: 3808
Quote:
Originally Posted by Capt Bob View Post
mm34b
Thanks for that information. That ads up to a 40 percent increase in less than two years. I wonder if the realtors will tell there pers pective clients this information, I doubt it. I was thinking about buying on the coast and now I am having second thoughts. I appreciate this information. Thanks again.
The price increase will hit the summer rental crowd too.
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Old 01-26-2007, 05:29 PM
 
2,356 posts, read 2,646,688 times
Reputation: 864
This is great news. There is no reason for insurance to be as low as it is on the coast, and for everyone else to foot the bill for it.
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Old 01-12-2008, 11:02 AM
 
2 posts, read 6,863 times
Reputation: 12
Angry Coastal NC Insurance

Why is mine up 100%, and New Bern isn't even a truly "coastal" city? Are we paying for damage in coastal towns, when after 14 yrs of living in one home, where our insurance rate has gone from $550/yr to $4000/yr? Insurance commisioner says I have no recourse!! NO CLAIMS, JUST PAYMENT!!!
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Old 01-12-2008, 11:34 AM
 
145 posts, read 793,575 times
Reputation: 79
Hi,

I was just checking out homes in that area.

Could you tell me a little more about the insurance in that area?
I may have second thoughts.
Has that area had any flooding?
Thanks,
PattiV
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Old 01-12-2008, 11:37 AM
 
83 posts, read 333,192 times
Reputation: 28
Just wait until the next storm...when and not if...rips through. To make up for the billions in claims...premiums will skyrocket once again. This after many folks are hosed from not reading the fine print on their policies. FEMA will come to the rescue eventually though...can't wait to get that 2000k debit card...LOL.
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Old 01-12-2008, 12:57 PM
 
Location: Cape Carteret, NC
713 posts, read 3,474,998 times
Reputation: 543
Smile I have been pretty open about my insurance costs

Quote:
Originally Posted by Capt Bob View Post
mm34b
Thanks for that information. That ads up to a 40 percent increase in less than two years. I wonder if the realtors will tell there pers pective clients this information, I doubt it. I was thinking about buying on the coast and now I am having second thoughts. I appreciate this information. Thanks again.
I have written about our insurance costs in number of threads here on the forum. We have three big costs, insurance, property taxes, and energy.

As I have said before we have homes of similar assessed value in both Roanoke, VA and in western Carteret County.

Our property taxes are approximately $6,000 per year in Roanoke County.

In Carteret County our property taxes are $1,750.

Our insurance in Roanoke is $1,025.

Our insurance in Carteret County is $2750.

In addition since we live right on the water, actually the White Oak River, we pay flood insurance of around $600 per year.

We are about ten minutes from the beach, seven miles by road, and probably 5 miles as a crow flies.

In our subdivision, only about a handful of lots have to carry flood insurance.

As you can see even with extra dollars for insurance, it is still cheaper by about $2,000 per year for us to live in Carteret County.

And the differential will likely get larger. Carteret had a reassessment last year, and I just noticed that in our Roanoke bill for next year that our valuation has been increased.

It is harder for me to compare energy costs, but since I am working on my taxes this week, I will try to come up with our energy bill from last year.

It has been very reasonable. At the coast, there has been no heat on in our home for about a week. In fact we have had so many warm sunny days, that we have slept with the windows open a few nights.

And yes I do tell my clients as much as I can find out about insurance rates and what they are going to do.
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Old 01-25-2008, 05:59 PM
 
Location: Jacksonville NC
10 posts, read 63,723 times
Reputation: 22
Default ncfb agent

Ins rates are high in all of the 18 coastal counties. As of May 1 2007, Insurance rates went crazy (NC Dept of Ins Increase) You do have choices. Most Homeowners think that just because their insurance premiums are being paid thru their escrow accounts that they are stuck, Not True. You can change your insurance provider at anytime but best to do it 2 months before the renewal. I suggest they price their company every couple years. USAA and Alstate have just lost their minds on the coast with the rates and deductibles, increases from 83 to over 100 % increases. There are other ins companies that for the same exact coverage you can just about cut it in half in some cases.

Last edited by SunnyKayak; 01-26-2008 at 09:33 PM.. Reason: tos violation
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Old 01-26-2008, 09:10 PM
 
3 posts, read 8,666 times
Reputation: 10
Default Ins Agent

Yes there are choices and huge differences between companies. I'm not sure the strategy of the fore mentioned companies but it does make it very difficult for people to afford. Luckily there are options.

Last edited by SunnyKayak; 01-26-2008 at 09:34 PM.. Reason: solicitation
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