North Carolina homeowner’s insurance rates set to rise

CHARLOTTE — As gas and grocery prices continue to rise, homeowners can expect another expense to go up too -- homeowner’s insurance.

Rate hikes take effect starting Wednesday.

It all started last year, when the state’s Rate Bureau proposed an average 24.5% hike. The North Carolina Department of Insurance fought it, so the agencies agreed on the following:

ALSO READ: Fed raises key rate by a half-point in bid to tame inflation

The average homeowner in North Carolina will pay 7.9% more starting Wednesday.
If you have a policy right now, your rate stays the same. But when you go to renew it or get a new one, the new rate kicks in.

7.9% is the average increase across the state. Here are the averages in the Channel 9 viewing area:

The City of Charlotte and Mecklenburg County: 9.9%
Iredell, Stanly and Union counties: 9.9% as well
Anson, Cabarrus, Cleveland, Gaston, Lincoln and Rowan counties: 5.9%.

ALSO READ: ‘It was shocking’: Rising prices have Charlotte renters paying more

There’s not much you can do to avoid paying more, but still, shop around. You might want to change your deductible to lower your premium. You should also ask your agent about any discounts, like bundling your policies.

Wednesday is also the first day of hurricane season. While we don’t get a lot of those in Charlotte, we do get flooding.

Stoogenke says remember, homeowner’s and renter’s insurance covers wind and wind-driven rain, but it doesn’t cover flooding. You have to pay extra for flood coverage.

Anyone can buy flood insurance -- not just people in floodplains. But flood insurance takes 30 days to take effect, so if you think you’ll need it, don’t wait.

(WATCH BELOW: COVID-19 funds running out for providers that help people without insurance)