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"North Carolina’s third largest homeowners insurer is looking to reduce its exposure in the state by increasing rates and rolling back its policyholder numbers, citing steep increases in reinsurance costs.
The North Carolina Farm Bureau Insurance Co. announced it will implement a statewide average 6 percent increase in premiums on the 380,000 homeowners it insures around the state."
We haven't had a homeowners policy going on 4 years now, after visiting New Orleans and speaking to the residents there half have never received a nickle back from their insurance company.
Do you really think any of the two or three small NC insurers left in NC will be financially able to pay out your claim if a SERIOUS storm hits this area? And do you think the US gov will be willing and able to cover the difference?
Our decision to have Fed flood insurance only (which is a bargain) but forgo any other insurance wasn't taken lightly, if I get by for another year or two, the savings we incurred should more than pay for any home repair.
Of course our home is paid for and we do have large cash reserve so our situation is not the norm.
Just think twice about the liability of living near the coast.
For planning purposesI, as I'm sure many others would be, am interested in hearing how much insurance costs actually are in the NC coastal areas. Thank you
marc.... just as an approximate example..... a 3000 sq ft home in St James is about $450 anually for regualr homeowners insurance and about $2000 dollars annually on top of that for the infamous "wind and hail" insurance.
Another approximation. We pay about $1900 for both regular homeowners insurance and "wind and hail". That's on a 3400 SF house with $340,000 replacement value, in Onslow County about 2 miles from the coast.
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