As we move deeper into 2024, it’s becoming increasingly clear that the insurance market isn’t getting any easier to navigate. In North Carolina, insurance rates continue to climb, and there’s little sign that relief is on the horizon. For consumers, this means staying vigilant and informed is more important than ever.
At Connor Insurance, we understand that the current landscape can be overwhelming. As an independent insurance agency, we partner with multiple carriers to offer a range of options. However, we also recognize that we might not always be the best fit for everyone. The truth is, the top players in the insurance space are constantly shifting, and it can be hard to keep up. That’s where we come in—we’re here to help you get a pulse on what’s happening in the market, so you can make informed decisions during your shopping experience.
Why Are Insurance Rates in NC Rising?
Recently, several factors have contributed to the upward trend in insurance rates across North Carolina. The state has seen significant rate hike requests that impact homeowners, auto, and other types of insurance.
For homeowners, the North Carolina Rate Bureau has filed for a staggering 42.2% average rate increase statewide, with some areas, particularly along the coast, potentially seeing even higher hikes. These increases are driven by rising costs in claims, reinsurance, and the growing threat of natural disasters. Although the state’s Department of Insurance has often negotiated these increases down in the past, the proposed rates are a clear indication of the market’s direction​​.
Auto insurance isn’t immune to these trends either. Starting December 2024, North Carolina drivers could see an average 4.5% increase in their auto insurance rates. This hike follows recent trends linked to higher accident rates and increasing costs of vehicle repairs​.
What Can You Do?
Given the current state of the market, it’s essential to consider both coverage and cost. While it might be tempting to lower your coverage to reduce your premium, it’s important to weigh the risks. That’s why we advocate for a coverage-focused approach, with price remaining a key consideration.
Our team is committed to helping you navigate these challenges. We pride ourselves on staying informed and up-to-date with the latest changes, in case you might miss it. Whether you’re considering switching carriers or simply want to review your current policy, we’re here to help you find the best options for your unique needs.
Take Action Today
If you’re feeling the pinch of rising insurance rates, or if you’re just curious about what’s going on in the market, don’t hesitate to reach out to us. Our team is ready to discuss your options and help you find a policy that offers the right balance between coverage and cost. Contact us today to schedule a consultation and take the first step toward securing your future.