WILMINGTON, N.C. (WRMT) – In recent years, homeowners insurance has become more expensive for many living on or near the coast of North Carolina. But now insurance experts are sounding the alarm that insurance premiums may increase again.
Jack Leery is a homeowner on the coastal area of Carolina Beach and he says he is feeling the pain of premium increases.
“I’ve seen my insurance premium increase by more than three times since 2021. I keep hoping the price I am paying will go down but all I see is it going up each year,” Leery said.
Several coastal insurance agencies say that natural disasters and hurricanes, not only affecting the Cape Fear region, are to blame for rates going up. According to Bankrate, in 2023, the average homeowner spends $1,428 on homeowners insurance per year for a policy with $250,000 in dwelling coverage.
The N.C. Rate Bureau has filed with the N.C. Department of Insurance to increase dwelling insurance rates for second homes by an average of nearly 50%.
“I really hope things change soon because being a homeowner is becoming more expensive in Wilmington,” Leery said.
Copyright 2023 WRMT. All rights reserved.
