(WGHP) — North Carolinians can expect an increase in homeowners insurance starting June 1, according to the North Carolina Department of Insurance.
The North Carolina Insurance Commissioner and NC Rate Bureau settled on a statewide rate hike of an average of 7.9% for homeowners insurance.
The increase will take effect on new and renewed policies beginning on or after June 1.
You could also see even higher premiums as you may need to up your coverage because of higher rebuilding costs.
Homeowners insurance prices aren’t the only rates rising. Average car insurance rates have risen 3.75% in 2022, according to the Consumer Price Index.
On November 9, 2020, the Rate Bureau, which represents companies writing property insurance in North Carolina and is not a part of the N.C. Department of Insurance, proposed an overall statewide average of 24.5%. After studying the data, Commissioner Causey negotiated a settlement for a much smaller overall statewide increase of 7.9%.