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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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