Damn!
I'm sure they're high-balling, waiting for the Insurance Commissioner to negotiate down.....Maybe, unless they are just looking for a excuse to leave NC altogether.
This is what’s happening right now all over the country, insurance companies non-renew and/or pull out of a state entirely making it even more difficult to get insurance at any cost.
Insurance companies are a business just like any other, many are running at a 102-120% combined ratio meaning they’re losing 2-20% on every policy they have.
It makes you wonder if there is a going to be a domino effect.....What are mortgage companies going to do when a home can't be insured any more?
Oh but don't worry, everything is just fine according to the dems.
RALEIGH, N.C. (WNCN) — Insurance companies are seeking a more than 40 percent average rate increase for coverage of homes in North Carolina with much higher rates sought at the coast, according to a Friday news release from the North Carolina Department of Insurance.
The North Carolina Rate Bureau, which represents companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.
The highest rate increases — at 99.4 percent — would essentially double costs for homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated. Insurance companies are seeking a 39.8 percent hike for homes in Durham and Wake counties, including Raleigh and Durham.
I'm sure they're high-balling, waiting for the Insurance Commissioner to negotiate down.....Maybe, unless they are just looking for a excuse to leave NC altogether.
This is what’s happening right now all over the country, insurance companies non-renew and/or pull out of a state entirely making it even more difficult to get insurance at any cost.
Insurance companies are a business just like any other, many are running at a 102-120% combined ratio meaning they’re losing 2-20% on every policy they have.
It makes you wonder if there is a going to be a domino effect.....What are mortgage companies going to do when a home can't be insured any more?
Oh but don't worry, everything is just fine according to the dems.
RALEIGH, N.C. (WNCN) — Insurance companies are seeking a more than 40 percent average rate increase for coverage of homes in North Carolina with much higher rates sought at the coast, according to a Friday news release from the North Carolina Department of Insurance.
The North Carolina Rate Bureau, which represents companies that write insurance policies in the state, is requesting a 42.2 percent rate increase for homeowners’ insurance, the news release said.
The highest rate increases — at 99.4 percent — would essentially double costs for homeowners in beach areas in Brunswick, Carteret, New Hanover, Onslow, and Pender counties, the news release indicated. Insurance companies are seeking a 39.8 percent hike for homes in Durham and Wake counties, including Raleigh and Durham.