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Originally Posted by lowcountry
Can some residents tell me what to expect to pay for HOI and or Condo Insurance for a home or condo in the 200-250k range. Does it increase with proximity to the coast? Is North Carolina about the same as other coastal states?
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Recent News Items
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.
Wary of the rising risk of hurricanes, Allstate Corp. has added coastal regions of North Carolina and South Carolina, Alabama, Maryland and Virginia to the growing list of areas nationwide where it is cutting back homeowners insurance coverage. The nation's second-largest home and auto insurer behind State Farm confirmed Thursday that it is dropping coverage for about 12,000 homeowners in eight counties of South Carolina, 4,000 in 14 counties of North Carolina and an unspecified number in Alabama. Allstate is just one of the insurers that have scrambled to reduce their exposure to future catastrophes since Katrina, including Nationwide Mutual Insurance Co. and MetLife Inc.
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