If a new industry filing is approved, rates for home insurance in North Carolina could shoot up 42.2% on average, which would be among the steepest recent hikes in the U.S.
The rate hikes — as high as 99.4% for some coastal areas — were proposed by the Rate Bureau in North Carolina, and the state’s Department of Insurance has until early February to review them.
The battle over insurance rates in North Carolina is emblematic of what’s happening all over the country, especially in areas where there’s increased risk of severe storms, flooding or wildfires. The national average annual cost of home insurance is now $1,754, and experts are forecasting home insurance prices could see double-digit increases in 2024. Homeowners insurance prices are currently lower than that in North Carolina, averaging $1,330, according to insurance marketplace Policygenius.
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