NC State regulators and homeowners insurance companies reached a settlement that will allow overall statewide homeowners rates to increase an average of 7 percent beginning July 1, 2013.
“It was better to settle at where we did than to take the risk that a hearing would have led to much different and costly results,” said Insurance Commissioner Wayne Goodwin.
Under the settlement, rates will increase by as little as 1 percent in some areas of the state, and as much as 19.8 percent in some beachfront areas of coastal counties. The industry had requested an average rate increase of 17.7 percent back in October that ranged from a high of 30 percent in parts of coastal counties to a low of 1.2 percent.
Under the settlement announced Tuesday, rates in Durham and Raleigh will increase 2.8 percent, well below the 11.8 percent requested by the industry. Rates in Charlotte will increase 8.4 percent, just below the 8.5 percent filed in the rate request.
The largest rate increase – 19.8 percent – will be in the beach areas of Brunswick, Carteret, New Hanover, Onslow and Pender counties. The beach areas of Currituck, Dare and Hyde counties also will see an increase of 17 percent. The areas farther inland in those coastal counties will see much smaller increases.
The settlement eliminates the need for a June hearing where the companies and Insurance Department staffers were scheduled to present arguments for and against the industry's October increase request. Read more here
If you're a North Carolina resident looking for insurance, you're in the right place. We've compiled all the info you need to help you find home, auto, business and life insurance right here on this page.
We recommend you read it over, visit the North Carolina Department of Insurance website and let us help you find the coverage you need today!
Auto Insurance
Your auto insurance protects you from monetary loss in the event of a car accident. Your insurance policy acts as a contract between you and your insurance company which says that in exchange for paying the premiums, your insurer will compensate you for any losses you suffer—as outlined in your policy.
The North Carolina Financial Responsibility Law requires all motorists to carry liability coverage, including the following:
◦$30,000 in bodily injury coverage per person
◦$60,000 in bodily injury coverage for all persons involved in an accident
◦$25,000 in coverage for property damage
>> But these minimum requirements may not be enough to cover damages in the event of an accident.
Before purchasing insurance for your automobile, you will want to ask yourself:
◦How much property can I afford to lose if it is stolen or damaged?
◦How much would it cost to replace those items?
◦If I am sued by someone who was hurt because of my misconduct, could I pay my legal costs? How could I afford the damage awards to the victim?
Your answers to these questions will affect the amount of coverage you choose to buy.
When you set out to find the right insurance policy, your agent will consider these factors when determining your premiums:
◦Your Driving Record: Your driving record is the largest factor in determining your auto insurance premium. North Carolina assigns points to motorists with convictions or at-fault accidents, which ultimately increase rates.
◦Where You Live: Your location also plays a part in determining your rates. Living in an urban area increases the risk of accident or theft and may boost your rate, whereas living in a rural area will decrease these risks.
◦Type of Automobile: Insurers must estimate the likelihood of theft and cost to repair or replace your vehicle when determining your rates. The style of your vehicle may also increase your premium: sports cars are likely to warrant higher premiums than mini vans.
◦Mileage: Motorists driving greater distances (to work, for instance) are at greater risk for accident, and therefore may receive higher premiums.
Homeowners Insurance
Your home insurance policy protects your home from damage incurred in the course of living. In addition, it protects you from financial duress by paying for any bodily injury or property damage for which you are liable. In case of a claim against you, your insurer will act on your behalf by negotiating a settlement, defending you in court and paying any judgments against you.
If you finance your home, the bank may require you to insure it for at least the amount of your home loan. However, most NC insurance policies require coverage of at least 80 percent of the home's replacement value.
Many types of homeowners policies are available, so examine offerings closely to determine which policy type best suits your needs. Most companies in this state offer the following types of coverage:
◦Special Form (HO-3)—covers a single-family dwelling or townhouse against all risks except those specifically excluded.
◦Homeowners Contents Broad Form (HO-4) —provides coverage for a renter's personal property, but not the building itself.
◦Homeowners Unit-Owner's Form (HO-6) —covers a condominium owner's personal property, as well as any portion of the building he or she owns.
◦Homeowners Modified Coverage Form (HO-8) —insures the structure of an older home based on actual cash value.
North Carolina homeowners insurance premiums can vary greatly. Several factors influence how much your premium costs you. These include:
◦Type of construction: Your home's ability to withstand or minimize loss has an impact on your premium. In addition, frame houses usually cost more to insure than brick houses.
◦Age of your home: New homes may qualify for discounts. Some companies are hesitant to insure very old homes.
◦Location: Urban areas have higher crime rates than rural areas, and rural areas tend to have fewer resources for fire protection. Both of these issues can affect your premium.
◦Deductibles: The higher your deductible, or the amount you pay before the insurance company begins paying, the lower your premium.
◦Amount of coverage: The amount of home insurance you purchase helps determine premium rates.
◦Additional coverage: Any extra coverage or additional coverage types you add beyond required state minimums raises your premium.
Life Insurance
Life insurance is a substantial investment in the lives of both you and your loved ones. Cost can be significant—but benefits can be crucial.
Selecting the life insurance policy best suited to your needs requires four steps: deciding how much life insurance you need; how much you can afford to pay; the type of policy providing you the broadest, most-needed coverage; and the amounts various life insurance companies charge for that type of policy.
Life insurance is available in your state in three basic types:
◦Term life: Purchased for a specific time period. Benefits are paid only if you die while the policy is in effect. Generally cheaper than whole life insurance, and usually more practical for those who need a large amount of coverage. Premiums may change each time the policy is renewed. May be "convertible" to a whole life policy. Provides the most death protection for your money.
◦Whole life: Provides lifetime coverage and accumulates cash value over time. Premium rates remain stable as long as the policy is in effect. Can cost significantly more than term insurance.
◦Endowment: Pays you a predetermined sum of money if you live to a certain age. (If you die before then, the death benefit is paid to your beneficiary.) Cost is higher than for comparable amounts of whole life insurance. Provides the least amount of death protection for your dollar.
We can explain these characteristics further and help you determine which type of life insurance is appropriate for you. Meanwhile, follow these guidelines to ensure a comfortable purchasing experience and to best maintain your new life insurance policy:
North Carolina Flood Insurance provides protection for destruction and financial devastation caused by floods in the greater Charlotte, Matthews, Monroe, Huntersville, and Mooresville, NC area. Although it may not seem like much even a few inches of water can cause serious damage; resulting in thousands of dollars in repair and restoration costs.
Did you know that North Carolina home insurance does not cover floods? Purchasing a NC flood insurance policy through Marshall Insurance can protect you.
Although it may not seem as necessary as homeowners insurance, flood insurance is important if you want to keep your home safe and your possessions secure.
Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.
Different types of policies are available based on your property’s location and flood history:
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Standard NC Flood Insurance Policies-
If you live in a community that participates in the NFIP, your building and its contents can be covered by a standard flood insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
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Preferred Risk Flood Insurance Policies-
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren't required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
Don't wait until it's too late. Contacting Marshall Insurance today will get you on the path to flood protection with an affordable and comprehensive NC flood insurance policy.
Using a trampoline is supposed to be fun. Children laugh and get more excited
with each jump and tumble. While the popularity of trampolines among 8 to
15 year-olds is growing, many people are unaware that playing on trampolines can
result in serious injuries including fractures, dislocations, muscle damage, and
broken legs. Even worse, some trampoline injuries damage the neck or spinal
cord, which can result in permanent paralysis. Why are trampolines so dangerous? Part of the reason is the tremendous power
generated when people jump on them. For example, an activity such as launching
involves multiple people on the trampoline at once, creating an energy force
strong enough to send a full-grown person five feet in the air. This energy
force can also literally catapult a person off the equipment or send someone
high enough to come crashing back down on another person. The growing trend in trampoline use is leading to more injuries every year.
The U.S. Consumer Product Safety Commission showed that the number of
trampoline-related injuries treated in hospital emergency rooms had grown from
19,000 in 1976 to 91,870 injuries in 2001 (the latest statistics available).
Because of the potential for injury, many groups including the American Academy
of Pediatrics recommend against the use of trampolines at home. However, for
people who do choose to have a trampoline, the following guidelines from the
American Association of Orthopedic Surgeons may help prevent injuries:
Make sure adults are present to supervise.
Limit jumpers to one at a time.
Post adult spotters around the trampoline to guard against
falls.
Use adequate protective padding for the trampoline's supporting
bars, springs, and surrounding landing surfaces.
Use protective equipment for somersaults and other high-risk
maneuvers.
Make sure the trampoline frame and mat are in good condition.
NC State regulators and homeowners insurance companies reached a settlement that will allow overall statewide homeowners rates to increase an average of 7 percent beginning July 1, 2013. 
