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Steering Through the Storm: What’s Up with Insurance Rates in North Carolina?

Hey there, North Carolina! Changes are brewing in the insurance scene that could affect your pocketbook. You will want to keep reading if you live or own a business here. Let’s break down the buzzwords into everyday speak and see what’s going on:

Our Local Economy:

  • Jobs: The good news is that only a few are out of work, with an unemployment rate of 3.3%. But there’s more to the story.
  • Cost of Stuff and Money Making: Prices for things we buy are going up (thanks, inflation!), and though our state is making more goods and services than before, the pace is a slow climb.

What’s the Deal with Insurance Rates?:

  • Car Insurance: Your auto insurance is set to cost you at least 4.5% more in 2023 and 2024.
  • Home Insurance: If the big guys get their way, we might see a 50.6% rise in home insurance rates from July 31, 2023. Another proposal discusses a nearly 20% bump twice in 2023 and 2024.

Claim Payouts – A Double-Edged Sword:

  • Pricey Settlements: Settlement amounts for home insurance claims are on the rise, and that’s nudging premiums higher.
  • The Domino Effect: More expensive claims mean costlier premiums; it’s a cycle that’s hard to break.

The Big Picture:

  • Insurance Companies Feeling the Heat: Insurance carriers must shell out more, passing some of that burden onto us as claims get pricier.
  • Can We Afford It?: With premiums going up, it will get tougher for some of us to afford the necessary insurance.

We’re seeing a mix of slow economic recovery with rising costs, both in general and in the insurance world. But don’t worry; we’re here to help you navigate it.

Wondering how to sail through these changing tides without sinking your budget?

Connect with us at Connor Insurance! We’re your neighborhood go-to for making insurance simple. Whether you need to insure your home, car, business, or life, we’ve got your back. Let’s chat about getting the protection you need without breaking the bank. Reach out today, and let’s keep you covered through life’s ups and downs.

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