Homeowners and auto insurance going up in North Carolina

31 May 2022

RALEIGH, N.C. (WTVD) — Inflation is hitting you hard when it comes to grocery, gas, and other items and you can also expect a jump in your insurance rates. Starting June 1st, rates for home insurance in NC will cost you more. The North Carolina Insurance Commissioner and NC Rate Bureau settled on a rate hike of an average of 7.9% when it comes to homeowners insurance. The increase will take effect on new and renewed policies beginning on or after June 1st. Besides the rate increase, you’re could see even high premiums as you may need to up your coverage due to higher rebuilding costs.

Besides homeowners insurance rates going up. We’re hearing from ABC11 viewers facing higher auto rates, a Wake Forest driver seeing a 24% increase, despite not having any accidents or tickets. According to the Consumer Price Index, average car insurance rates have risen 3.75% in 2022 alone. The Insurance Information Institute data shows rates are returning to pre-pandemic levels as drivers resume their typical habits. Remember during the beginning of the pandemic many auto insurances, offered discounts or lowered rates due to people working from home and not traveling.

Here are tips from the NC Department of Insurance to try and get the best rate when it comes to your insurance.

  • Get in touch with your agent. Your agent may have alternatives that will benefit you.
  • Ask your agent about discounts. For example, some companies offer discounts if you bundle your homeowners’ and automobile insurance with the same company. Some may give discounts if you have alarm systems that are monitored.
  • Make sure you are insured for the right amount. Many homeowners’ policies come with inflationary adjustments built-in. In some cases, homeowners are paying for too much coverage. Lowering the coverage amount could lower your premiums.
  • Consider getting Replacement Cost Value (RCV) homeowners’ insurance instead of Actual Cost Value (ACV). This may cost a little more but could be beneficial if you have a claim.
  • Consider increasing your deductible. This may decrease your premium.
  • Shop around. You may be able to find a lower premium at a different insurance company. When shopping around, make sure you’re getting an apples-to-apples comparison.

If you’d like to file a complaint with the NC Department of Insurance you can call 855-408-1212 and speak to a consumer specialist to file a complaint on ncdoi.gov.

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