On December 18th, 2014, North Carolina Insurance Commissioner Wayne Goodwin ordered an overall average rate change of 0% effective June 1, 2015.
This news should come as a relief for many NC homeowners after the insurance companies had requested average rate increases of 25.6%.
An average 8-11% increase can be expected for renters insurance and condo insurance written or renewed after June 1st, 2015. These policies tend to be lower premiums, however, so the dollar increase should not hit consumers as hard.
For more information regarding these rate decisions, how they were determined, and how they will impact your locality, visit the following links: