North Carolina homeowners could see their first rate increase in four years as the state’s rating bureau called for a statewide average 17.7 percent increase in loss cost rates.
The North Carolina Rate Bureau filed for the rate increase on behalf of all property insurers. If approved as filed, it would increase loss cost rates by 17.7 percent. That figure includes a homeowners’ rate hike of 17.4 percent, a rental rate increase of 30 percent and a 29.5 percent increase in condominium coverage.
Rate Bureau General Manager Ray Evans said the rate increase is needed due to several factors including the rise of reinsurance. He said reinsurance is a major concern for insurers such as the North Carolina Farm Bureau with a concentration of policies in the state.
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