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North Carolina Record Hurricane Year and Insurance Rates
Impact of North Carolina’s Record Hurricane Year on Homeowners and Insurance Rates
 
Hurricane Florence caused significant damage when it came ashore to the Carolinas last September. North Carolina felt the brunt of the devastation, with nearly 36 inches of rainfall and storm surges reaching 10 feet. The National Oceanic and Atmospheric Administration estimates total damage at $24 billion, mostly as a result of flooding.
 
This record hurricane season could lead to major home insurance rate increases in North Carolina later this year. In December 2018, the North Carolina Rate Bureau proposed a homeowners insurance rate increase of 17.4%. If passed, the increase would go into effect in October 2019. This isn't the first time the rate bureau has requested an increase. Last year, the bureau proposed an increase of 18.9%, but only 4.8% was approved.
 
The proposed rate increase should come as no surprise to North Carolina residents. It is common for home insurance carriers to look for ways to minimize future losses and costs associated with a high-loss year. The damage caused by Hurricane Florence resulted in $2.5 billion in insurance claims. When insurance carriers pay out higher-than-average claims, they usually go to their reinsurers for financial assistance. In this case, the rate ... more

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