Homeowners insurance companies in NC ask to increase rates

North Carolina Homeowners Insurance Rates

The permission of policyholders is being requested for price hikes in North Carolina. Homeowners insurance companies have been contacting their customers in North Carolina in order to request their permission for a rate increase that is extremely high in some cases. Some property owners received letters that are asking for approval of astronomical hikes. In some instances, the new premiums requested by the homeowners insurance companies were over 50 percent higher than the maximum approved rate in the state. An example of this scenario occurred on January 20, when a…

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Major home insurer, Citizens, is excluding drywall in coverage

Private insurers have been making tweaks to their coverage plans all over the country. Citizens Property Insurance is following suit by dropping coverage on properties with damage from Chinese drywall. The first time it had proposed such a move, back in 2009, it met harsh rebuke. As a state funded organization, it is often seen as the last coverage provided to offer service when no one else would. In a report from 2009, drywall from China was found to be responsible for a number of damages to homes including the…

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