WILMINGTON, N.C. (December 22, 2014) - Earlier in the day on Friday, December 19, the NC Department of Insurance (NCDOI) sent a press release that stated the Insurance Commissioner had denied rate increases. While true for many areas of our state, the territory chart at that time indicated that the most populated areas of the Wilmington region could actually receive up to a 3.1% increase. Later on Friday, the NCDOI submitted a corrected territory chart that showed all areas around Wilmington receiving decreases. Please review the most updated chart here for specific rate change percentages dependent upon zip code.
“We are pleased that Insurance Commissioner Godwin conducted hearings that rejected the Rate Bureau’s outrageous insurance hike requests. Certainly a reduction is a step in the right direction, but we would have liked a larger decrease than 1% in our most populated zip codes," said President Jody Wainio, Wilmington Regional Association of Realtors.
As released, forty coastal zip code areas should see a 1% decrease in rates in 2015. “As an example, if you live in zip codes 28403, 28405, 28411, or 28412, your rates should drop slightly in this coming year. Insurance rates are already too high, and this downward adjustment should have been greater based on actual historic data, which the insurance companies are currently not required to use when considering rates. Further, in spite of the results of this hearing, insurance companies continue to enter into Consent to Rate agreements with homeowners, forcing homeowners to pay higher rates than the limits imposed by the Department of Insurance. We are working with a number of legislators to either eliminate Consent to Rate agreements or reevaluate the effectiveness of the Rate Bureau itself.”
In the beach areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties, the commissioner approved a decrease of 5.6%. The western coastal areas, that include Brunswick, Carteret, New Hanover, Onslow and Pender Counties, will likely receive a decrease of 18%.
“We are certainly pleased with progress in defeating another attempt at a blanket rate increase, yet we will continue to advocate on behalf of all coastal homeowners and contest any future rate increases,” concludes Wainio.