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I live in Raleigh. I just got news that mine has gone up from $550 yr to $650 yr., i live in a modest home. I am with Nationwide. In the 10 yrs I've had this policy I've never made a claim. And the previous 15 yrs at my other home which was larger, I had one claim due to hurricane Fran tearing off roofing.
I was told that the state recently required insurance co's to go to the point system for homeowners insurance, just as they do for autos. And, that insurance co's who do business in this state pay into a pool to cover catastrophic events.
Anyone else heard this? Would you mind sharing what your company is and what % of increase you have experienced, I'd especially like to compare triangle rates...thank you!
Last edited by RaleighLass; 02-08-2010 at 01:28 PM..
Reason: added triangle
Part of your homeowners insurance covers people's high-risk beach houses. I don't like it either, but that's the arrangement our good ol' state leaders have arranged with the insurance companies.
The other game that insurance companies play, is to automatically increase your coverages by some fixed percentage each year, I think this can be as high as 10%. And of course the replacement value of your house has not increased that much, especially in this economy. So check on that.
You didn't say exactly how modest your home is, or what your deductible is, so it's hard to know if your rate is high or not. For your reference, I just paid $556 for a house with a tax value of approx $300k and a deductible of $2500. The increase from the year before was about $20.
Part of your homeowners insurance covers people's high-risk beach houses. I don't like it either, but that's the arrangement our good ol' state leaders have arranged with the insurance companies.
The other game that insurance companies play, is to automatically increase your coverages by some fixed percentage each year, I think this can be as high as 10%. And of course the replacement value of your house has not increased that much, especially in this economy. So check on that.
You didn't say exactly how modest your home is, or what your deductible is, so it's hard to know if your rate is high or not. For your reference, I just paid $556 for a house with a tax value of approx $300k and a deductible of $2500. The increase from the year before was about $20.
Thank you, this is helpful! I will pull my policy and review the details. My deductible is much lower, I think it's $500? I need to up that. My house size is 1150 sq ft...small house. I also need to see what the latest tax value is.
The agent said that as their co charges more than the standard rates for NC i have to sign a form of acceptance of this to continue my insurance. There is not an issue with continuing, but that their customers do need to sign the form b/c of NC laws pertaining to the rates. Oh, that I should know that similar coverage is available under the NC FAIR plan, or Beach plan.
I almost bought a beach house last fall, but hesitated as I wasn't sure where the insurance rates would go. It sounds like they didn't jump up as was speculated??
Ours went from $489 to $529 this year on a house insured for just over $200,000 and with a $1,000 deductible. We're with State Farm and in central Cary.
I have a $2500 deductible and my policy is around $350 for a ~$220K house. My policy doesn't renew until May/June, so no idea how much it will increase this year.
We left Nationwide 5 yrs. ago when they raised our rates from $450 to $800 within 1 yr. No claims, 1 yr. old construction, 1700 sq. ft., E. NC. We bundled car and home and went with Met Life, they said that they could beat anyone's rates in NC and they did we pay $500 a yr. with full replacement value. Definitely check around. kelsie
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I live in Raleigh. I just got news that mine has gone up from $550 yr to $650 yr., i live in a modest home. I am with Nationwide. In the 10 yrs I've had this policy I've never made a claim. And the previous 15 yrs at my other home which was larger, I had one claim due to hurricane Fran tearing off roofing. 
