Dec 19 2014 42491 Insurance News For The Outer Banks

Dec 19 2014 42491 Insurance News For The Outer Banks

Great News for everyone considering purchasing a home on the Outer Banks!!! 

The North Carolina Insurance Commissioner, Wayne Goodwin, has denied the insurance industries request for a increase in insurance rates across the state. This ruling came after a 12 day hearing held in November. During the hearing, experts from the North Carolina Rate Bureau, on behalf of the insurance companies, and experts from the North Carolina Department of Insurance, representing the interests of the public , presented their cases for and against the hikes. This was the first hearing on homeowners insurance rates since 1992.In a statement, Goodwin said, after considering all the evidence and data, he found NO factors or Events to justify the increase. The insurance industry has the option to appeal Goodwin's ruling, or accept the commissioner's decision. The bureau's governing committee will meet early next week to determine the strategy it will take going forward with this decision.

Goodwin's ruling means that effective June 1, 2015, on average, home owner's insurance rates will decrease by .3% across the state.

What does this mean for the Outer Banks? This means the barrier islands, of Dare and Currituck counties,  insurance rates, will decrease by around 9%. An average savings of about $223. per $150,000. of coverage.



Pamela H. Graham Headshot
Author:
Phone: 252-331-3303
Dated: December 19th 2014
Views: 1,659
About Pamela: Pamela Howard~ Graham is a native of the Inner Banks of North Carolina, just off the Outer Banks. Sh...

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