What Can You Do About North Carolina Home Insurance Rate Increases?

Written By Charlotte Insurance on September 25, 2022. It has 0 comments.

What Can You Do About North Carolina Home Insurance Rate Increases

Home insurance rates are on the rise in North Carolina. Before you panic, it’s important to get the facts…and learn what you can do about it.

Here’s what you need to know.


Almost 43 Percent Proposed Rate Increase Requested Over Two Years

The North Carolina Rate Bureau has proposed a 42.6 percent rate increase across 2023 and 2024 for dwelling property insurance in response to losses from 2016 to 2020. Home insurance rates could increase by 19.6 percent in 2023 and 19.2 percent in 2024.

The good news is that these proposed increases may not be the final rate hike. Previous rate increase requests have been successfully negotiated down. When the NC Rate Bureau requested a 24.5 percent rate increase for single family homes and a 24.9 percent increase for mobile homes, the final increase was 7.9 percent and 11.3 percent respectively.

What that means for you as a homeowner is that while your home insurance rates might not go up as much as you fear, you can definitely expect to pay more for your premiums in the coming years.


How to Avoid Paying Too Much for Home Insurance

Astronomical increases for your home insurance don’t have to be inevitable. There are things you can do to minimize the financial pain and reduce the risks to your home, which leads to expensive claims.

  • Maintain your home to reduce claims.
  • Replace your roof, windows, garage door, and other parts of your home with newer options made to reduce impact from storms.
  • Add a security system to reduce the risk of theft.

When you have work done on your home, always work with a licensed and insured contractor. But if you don’t have a lot of money to put into your home right now, you have other options to help reduce your home insurance premiums and avoid serious rate increases.

  • Shop around for home insurance.
  • Make sure you’re getting the discounts you’re due.
  • Inform your insurance company about any upgrades or home improvements you have already made, such as replacing the roof or windows.

If this sounds like a lot of work, it doesn’t have to be, not when you work with an independent insurance agent.


Save Money and Time with an Independent Insurance Agent

Working with an independent insurance agent takes the hassle out of finding, reviewing, and purchasing home insurance. You can also pay less for your home insurance as well.

An independent agent is your one-stop shop for all of your insurance needs. You have one person to call when you need to update your information – like when you have a new roof installed. They’re also the person who can shop around on your behalf to find the best home insurance rates and make sure you receive all the discounts you qualify for. Especially after you receive notice that your rates will go up next year.

Purchasing your home insurance through an agency that represents a single insurance provider limits your options. Working with an independent insurance agent means you have access to all the insurers they work with, often more than a dozen, each with their own plans.

You’re guaranteed to get a better price with that level of competition. Even better, you don’t have to do all the work getting estimates and figuring out which plan is better or worse. Your independent agent will do the legwork for you and then help you understand each policy so you can make the best decision for your home and your budget.

Don’t pay more for home insurance than you have to. At Charlotte Insurance, we can help you find a home insurance policy that provides the protection you need and fits into your budget. Contact us today!

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