Homeowners in North Carolina will have to come up with more money for insurance -- and in the case of coastal residents, a lot more.
Rates are rising between 2 percent and 4 percent for residents
in the Triangle area. But homeowners along the coast are facing a
25 percent increase.
Insurance Commissioner Jim Long says the higher rates announced
yesterday are justified by the rising cost of homes, higher repair
costs and a recent history of severe damage from all kinds of
No hurricanes struck North Carolina last year. The last storm to
hit the coast was Hurricane Ophelia in 2005, which caused more than
40 million dollars in damage.
Realtors say those who rent out their beach houses will have to
cover the higher insurance costs. Alan Holden, who owns a property
management company at Holden Beach, says owners will pass on the
costs to people who want a cottage by the shore.