Insurance rates will rise for home and auto owners in North Carolina

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RALEIGH, NC (WTVD) — Inflation is hitting you hard on groceries, gas and other items and you can also expect your insurance premiums to rise. Departure June 1st, home insurance rates in NC will cost you more. The North Carolina Insurance Commissioner and the North Carolina Rate Office have agreed to an average rate hike of 7.9% for home insurance. The increase will take effect on new and renewal policies on or after June 1. Besides the increased rates, you might even see high premiums, as you may need to increase your coverage due to higher rebuilding costs.

Not to mention that home insurance rates are rising. We hear from ABC11 viewers facing higher car rates, with one driver in Wake Forest seeing a 24% increase, despite having no accidents or tickets. According to Consumer price index, average car insurance rates increased by 3.75% in 2022 alone. Insurance Information Institute data shows rates are returning to pre-pandemic levels as drivers return to their usual habits. Remember that at the start of the pandemic, many auto insurance companies offered discounts or reduced rates due to people working from home and not traveling.

Here are tips from the North Carolina Department of Insurance for trying to get the best insurance rate.

  • 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 combine your home and auto insurance with the same company. Some may give discounts if you have alarm systems that are monitored.
  • Make sure you are insured for the correct amount. Many owners’ policies come with built-in inflationary adjustments. In some cases, owners pay too much for coverage. Reducing the amount of coverage could reduce your premiums.
  • Consider getting replacement value (RCV) home insurance instead of actual cost value (ACV) home insurance. It may cost a little more but could be beneficial if you have a claim.
  • Consider increasing your deductible. This may lower your premium.
  • Compare the prices. You may be able to find a lower premium with another insurance company. When shopping, be sure to get an apples-to-apples comparison.

If you want 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 at ncdoi.gov.

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