Insurance rates for coastal counties one target of meeting

Published: Friday, April 12, 2013 at 16:41 PM.

The bureau filed in October for a 30 percent increase in property insurance rates for every coastal county, and during a public comment period that same month, the Department of Insurance received more than 9,000 comments complaining the increase was excessive.

A statewide settlement between the Department of Insurance and the N.C. Rate Bureau was reached in October to raise rates statewide an average of 7 percent (mostly in the western portion of the state). The settlement raised rates 1 percent in Craven County and 1 percent in nine of the 20 Eastern North Carolina counties. Insurance increases were as much as 17 percent on the northern Barrier Islands and 19.8 percent in the southern areas such as Wilmington, where hurricanes strike the coast more often, Goodwin said.

On July, 1 the increases will take effect. Homeowners will see the difference based on their policy renewals, Godwin said.

Willo Kelly, president of NC-20, also spoke on the Bigger Water Act of 2012 and how it will affect the region, and Rudi Rudolph spoke on how regulations to protect loggerhead turtles would affect development and homeowners.

The symposium was halted just before lunch after Terry Frank, a Carteret County commissioner, suffered an apparent heart attack. Two people at the New Bern Riverfront Convention Center were able to revive him with CPR just as emergency personnel arrived.

Frank was taken to CarolinaEast Medical Center, where he was listed in good condition. 



1 2 3

Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

COMMENTS
▲ Return to Top