Coastal beach towns to see a collective 31.9% increase in insurance rates over the next 2 years [Video]

WILMINGTON, N.C. (WECT) – While weather events have lasting effects on your home, the following insurance rates could have lasting effects on your wallet.

Starting in June, homeowners in the coastal areas of New Hanover, Pender, and Brunswick counties are going to see a collective 31.9% increase in their insurance rates.

North Carolina Insurance Commissioner Mike Causey attributes two things in particular to the rise in prices.

“Certainly inflation is a big factor,” said Causey. “The number of storms we’ve had increased the hurricane storm frequency,”

Though high, this figure could have been worse. The North Carolina Rate Bureau, which represents the insurance industry, originally asked for a 99% increase.

“Everybody said inflation’s killing us, local taxes are up, everything’s up but my paycheck please say no,” said Causey after hearing reactions to this startling initial figure.

Negotiations for this increase lasted a year, nearly 3 months in court and …