RALEIGH, N.C. (AP) — Homeowners’ insurance rates in North Carolina are headed for an average increase of nearly 5 percent.
The state Department of Insurance and the North Carolina Rate Bureau announced Wednesday they have agreed on a 4.8 percent increase statewide. The Rate Bureau wanted an 18.7 percent rate increase.
The increase will vary according to territory with a cap of 5.5 percent statewide instead of the 25 percent increase for coastal homes proposed by the Rate Bureau, which represents insurance companies. Coverage on a $200,000 frame home on the Outer Banks will see an average $10 per month increase.
The agreement also covers insurance for tenants and condominiums, which is capped at 12 percent.
The last homeowners’ insurance rate increase was in 2012, when the rate climbed 7 percent.
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