NC Coastal Rentals, Second Home Insurance Hike Proposed

Officials in North Carolina's coastal counties say their region is being treated unfairly. The North Carolina Rate Bureau representing state insurance companies wants to raise insurance rates an average of almost 21 percent statewide.

Officials in 20 eastern counties say the annual premium for a $300,000 property on the coast could increase by more than $1,000. NC 20 Group board member Greg Lewis says the potential increase is excessive for 20 coastal counties.

"The rationale that's behind the potential damage of a Katrina type hurricane coming to shore... but the facts bear out that the western and the middle part of the state sustain on annual basis far higher rates of wind damage," said Lewis

The state insurance commissioner will hold a public hearing in June to get feedback on the proposed increases. It will be the first public hearing on an insurance rate filing in 18 years.

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  • by beachbum on Feb 24, 2011 at 05:23 PM
    Getting ready to get worse folks! The new legislature is currently trying to rewrite NC law to allow hardened structures along the beach so the favored few can save their houses while escalating erosion elsewhere. And the upkeep per terminal groin is $1 million a year minimum!
  • by jrod Location: pa on Feb 24, 2011 at 01:04 PM
    thats redickulus sombody sould fight that.
  • by Anonymous on Feb 24, 2011 at 07:48 AM
    GREED,GREED, AND MORE GREED!!!!Now you know how the middle class feel about the Republicans trying to repeal Health Care. Work hard all your life, one incident ,and you are dropped, bye bye home and assets. Have to sell everything to afford the medical costs after you are dropped.
  • by Fact Bringer Location: Greenville on Feb 24, 2011 at 06:57 AM
    I wonder what data they crunched to make this recommendation?
  • by jerry Location: enc on Feb 24, 2011 at 06:40 AM
    The insurance companies, big oil, and the pill makers own the U.S. and the politicians.
  • by To Mindy on Feb 24, 2011 at 06:19 AM can't buy your second beach house. Cry me a river.
  • by Melvin Location: Jacksonville on Feb 24, 2011 at 06:13 AM
    Isn't this the same rational that cost every single property owner a couple of years ago? The insurance industry used the same tied excuse. One thing we all need to keep in mind. Multi million dollars homes need to be built on a stable beacch and not a sand spit, in which the ocean currents are in a constant state of flux. It is like lighting a cigarette up inside a fireworks factory. It is not a matter of whether or not it is going to blow up, but when. No development should be allowed to be built on a sand spit.
  • by Mindy on Feb 24, 2011 at 05:11 AM
    This just burns me up! We have worked so hard with building a successful business and finally we purchased a beach home. Now they are wanting to do this. We were just thinking about purchasing a second beach home this summer for rental. Guess we probably will not be doing that now. Only in America.
  • by Anonymous on Feb 24, 2011 at 03:17 AM
    Ohh...I thought the posters on this site supported the Big Insurance Companies, (until it directly effects them).
  • by ibxchick on Feb 24, 2011 at 02:47 AM
    The rest of us are paying for the poor decisions being made in the beachfront communities. And they've learned nothing.....just look at Nags Head where the majority of property owners don't support continued beach renourishment and want the endangered houses demolished. And in northern Dare County they just built a 23 bedroom rental house on the ocean! All the exploitation of eastern NC by developers has a long term price that the rest of us are now expected to bear. We need to demand change since the local governments won't enforce wise development practices. Otherwise, we'll find more and more insurers refusing to do business in coastal counties. State Farm stopped writing home owners insurance in Beaufort County years ago. If there's a mass exodus of insurance companies good luck getting a mortgage!
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