Coastal homeowners' insurance rates could change - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Coastal homeowners' insurance rates could change

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NEW HANOVER COUNTY, NC (WECT) - If you live along the coast, you pay more for homeowners insurance than people in other parts of the state. But that could change.

Lawmakers in the state house are talking about a couple of bills that could change how homeowners insurance rates are decided. 

House Bill 519, would change the model insurance companies use when it comes to setting rates.

"Right now the model used is very prejudicial on the coast, showing higher rates on the coast," said Kathleen Riely, Governmental Affairs Director for Wilmington Regional Association of Realtors. "But what they're doing now in this bill, they want to look at several models. They want the insurance companies to submit several different models showing different rates."

She says this is the first time legislators who aren't from coastal areas are looking at the issue.

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