Insurance Rates Jumping Nearly 20% Along Beaches Under Agreement

The state's insurance companies and the top state regulator have agreed that homeowner's insurance policies can rise by a statewide average of 7 percent starting in July. But if you live on the coast expect to pay a lot more than that.

Insurance Commissioner Wayne Goodwin signed a settlement agreement Tuesday for less than the nearly 18 percent increase the North Carolina Rate Bureau had requested in October.

The last homeowner's insurance rate increase took effect in 2009. The insurance companies had sought a nearly 20 percent statewide average increase then, but settled for 4 percent.

Homeowner's insurance rates this year will be allowed to increase by as little as 1 percent in Winston-Salem and Greensboro and by as much as almost 20 percent for homes along the beach in Brunswick, Carteret, New Hanover, Onslow and Pender counties.

Those along the Outer Banks will pay 17% more, while homeowners in inland counties, such as Greene, Lenoir, Martin and Pitt, will see a 7.4% hike.

To learn more about your county's hike, click on the link at the top of the story.