NC State Insurance Commission Caps Topsail Island Rates for 2015
This is not insurance advice. Lewis Realty Associates, Inc are not licensed for insurance brokerage or advice. This is only our interpretation of a press release. Contact your insurance provider for more information.
Earlier in 2014, home owner insurance companies submitted a request to raise home owner insurance in North Carolina (including Topsail Island) as much as 25.6% on average (coastal properties were as much as 35%). This would no doubt have been a determent to the real estate and rental market in all of North Carolina. In Topsail Island, it would have resulted in slower sales and higher rents; not a good thing for the state economy or the general public.
The North Carolina Department of Insurance headed by Wayne Goodwin must approve rate changes to better serve the public interest by providing a check and balance on rates.
On December 19, 2014, the commission denied the rate increase request by the insurance companies and instead mandated a 0% overall statewide rate change. This is slightly misleading because it appears to be figured on the state's average. Topsail Island would have seen as much as a 35% increase but rather will see approx 5.6% reduction.
Topsail Island has always been one of the more affordable beaches for both sales and rentals. This change in insurance rates should help keep that trend going.