The Town of Emerald Isle, North Carolina

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Decision on Requested Coastal Insurance Rate Increase Delayed

After receiving significant public input from coastal North Carolina property owners, the NC Commissioner of Insurance has ordered a formal public hearing on requested homeowners insurance rate increases, delaying a decision on this issue until June 2013.  The Commissioner will consider input from the NC Department of Insurance staff, the NC Rate Bureau (the organization representing the insurance companies that is requesting the increases), and the public to determine the amount of any rate increase.

Homeowners in Emerald Isle already pay the highest base rates for homeowners insurance in the entire State of North Carolina, with rates as much as 4 - 5 times higher than many other areas.  The current base rate (the rate before various adjustments, deductions, and credits are applied by your insurance company) for $75,000 worth of coverage is $1,522 per year, and the NC Rate Bureau requested an increase to $1,979 per year in October, a 30% increase.  (Note that these figures are the base rates used by all insurance providers, and include wind and hail coverage.) 


These rates result in homeowners insurance premiums of several thousand dollars per year, and place an undue and unfair financial burden on coastal North Carolina homeowners.  For comparison, homeowners in Wake County currently pay $406, and their proposed base rate would increase to $451 annually, an 11% increase.  Homeowners in the western part of North Carolina currently pay a base rate of $312, and their rate would increase by 14% to $355. 


The Town of Emerald Isle is very concerned about this issue and will remain engaged in the process.  The Town certainly expects coastal property owners to pay higher rates due to the higher risk of wind damage along the coast, however, rates 4 - 5 times higher than other areas of NC are excessive, and a 30% increase is much too dramatic.  The Town encourages all property owners concerned about this issue to remain engaged on this issue. 


2005 - 2015 Town of Emerald Isle North Carolina. All rights reserved.


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Emerald Isle, North Carolina ~ Incorporated July 1957
7500 Emerald Drive. Emerald Isle, NC 28594
Phone (252) 354-3424, Fax (252) 354-5068