Eastern Carolina residents get ready. Your homeowners insurance rate is about to hit the roof. Everyone statewide will pay four percent more, unless you live in the coastal areas.
The cost there? A 30 percent increase in homeowner premiums. If you live in a 150 thousand dollar home in New Hanover, Brunswick, Pender and Onslow Counties you would pay more than 16 hundred dollars. Those on the coast would pay more than 23 hundred dollars.
Rates are not the only thing on the rise, so is the deductible. A typical homeowner in Eastern Carolina could wind up paying 3, 6, 9 thousand dollars just for deductibles before the insurance companies ever pays a penny.
Insurers claim if a storm hits the coastal areas of Eastern Carolina they would not be able to pay for the damages, meaning small insurers will go out of business affecting the entire state.
The organization says it plans to contact the Governor about this issue. It's also filed a lawsuit to have the rate increases changed before May first, when the increases take effect.