North Carolina Agrees On Homeowners Rate Increase

Two state agencies have settled on a proposed rate increase for homeowners’ insurance.

The N.C. Department of Insurance and the North Carolina Rate Bureau announced on Wednesday they have agreed on a 4.8 percent increase statewide.

The Rate Bureau wanted an 18.7 percent rate increase.

The 4.8 percent increase will vary according to territory with a cap of 5.5 percent statewide instead of the 25 percent increase on the coast proposed by the Rate Bureau.

For instance, Outer Banks, residents who insure a $200,000 frame home will see an average $120 difference in their annual premium, or $10 per month.

The agreement also covers insurance for tenants and condominiums, which is capped at 12 percent.

The last homeowners’ insurance rate increase was in 2012, when the rate climbed 7 percent.