Homeowners Insurance to Increase
Beginning May 1, homeowners in Moore County will be paying 2 percent more for homeowners insurance.
Insurance Commissioner Jim Long signed a settlement agreement today with the North Carolina Rate Bureau, which represents all of the homeowners insurance companies doing business in the state.
The NCRB had asked for a 13.2 percent increase in Moore County. Statewide, the NCRB had asked for an average 19.5 percent increase. The agreement allows a statewide average increase of 4 percent. For a chart showing the entire state, click here.
"There has been a lot of speculation surrounding this homeowners rate filing, but I feel that we've reached a settlement that is fair to both consumers and insurance companies in North Carolina," said Long in a statement released by the North Carolina Department of Insurance.
"No one likes to see their insurance rates go up, but the industry made a strong case for allowing some increases this year. The silver lining is that most consumers won't see nearly the increases that were initially proposed."
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