HOMEOWNER INSURANCE RATES TO INCREASE THIS YEAR
The Virginian-Pilot newspaper reported this morning that the premiums for homeowners insurance will increase 25 percent this year for properties located on Hatteras Island and in counties along the North Carolina coast. The justifications for the increase were rising home prices, higher repair costs, and recent storm loss experience. The new rates are scheduled to take effect on May 1st. By comparison, the average premium increase across the state was reported to be 5.4 percent. The current increase comes on top of a 15 percent increase in 2005.
If you have any questions concerning the forthcoming rate hike, your insurance agent is your best source of information.