Insurance rates to increase July 1; largest increase for beach c - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Insurance rates to increase July 1; largest increase for beach communities

Posted: Updated:
(Source: MGN Online) (Source: MGN Online)

NEW HANOVER COUNTY, NC (WECT) - Insurance rates will increase on July 1 for some coastal residents of New Hanover County and surrounding beach counties, according to a news release.

A settlement was reached between the North Carolina Department of Insurance and the insurance industry. Under the settlement, the largest increase of 19.8 percent will apply to beach areas in New Hanover, Brunswick, Pender, Carteret and Onslow counties.

The beach areas in Currituck, Dare and Hyde counties will see an increase of 17 percent and inland areas of these coastal counties will see a smaller increase of 8.6 percent, according to the news release.

Insurance companies requested a 30 percent increase, which was denied following a public comment period and more than 8,000 comments.

"To get the very best deal for homeowners, I settled the case with a statewide average increase of seven percent," said Insurance Commissioner, Wayne Goodwin.

The increase will go into effect on July 1.

Copyright 2013 WECT. All rights reserved.

Powered by WorldNow