Small Hike in Homeowners' Insurance OK'ed
Insurance Commissioner Jim Long has signed a settlement agreement with companies that provide homeowners' insurance, allowing an overall small increase in rates beginning May 1.
"North Carolinians don't ever want to see their insurance rates rise, I know," Long said. "But in this case, there was evidence to support an overall small increase. What homeowners should be happy to hear, however, is that this increase is significantly lower than what companies originally asked for.
"My staff negotiated for weeks to find an acceptable compromise that both sides could agree on. We feel this is reasonable for companies and not overly burdensome for consumers given the changing risks in the homeowners' market."
The rising cost of homes and, in particular, the escalating costs of repairing those homes, have driven up costs across the board for property and casualty companies, contributing to this year's 5.4 percent average statewide increase.
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