UPDATE: Insurance rates in North Carolina are set to decline as of December 1, 2023, according to recent statements from Ashley King of State Farm Insurance. This comes amidst rising concerns over high insurance costs following the pandemic and recent natural disasters affecting many states.
During a live discussion on the Broadcast Retirement Network, King addressed the pressing need for homeowners and vehicle owners to reassess their insurance coverage. “It’s crucial to review your policies regularly, especially with the recent calamities like hurricanes and floods impacting coverage needs,” she emphasized.
The current state of car and home insurance rates has been alarming for many, with significant increases reported throughout 2022 and 2023. King highlighted that the surge in claims and vehicle repair costs—often reaching tens of thousands of dollars—has driven these hikes. However, she noted a positive trend: “State Farm has stabilized rates, and we anticipate another reduction in July 2024.”
For homeowners, understanding coverage limitations is vital. While comprehensive coverage typically protects against weather-related damages, flood damage requires a separate policy. King urged viewers to check their insurance documents and consult with their insurance agents to avoid gaps in protection.
With the potential for lower rates, King advised consumers to consider bundling their home and auto policies to maximize savings through multi-line discounts. “This is often the best way to save money on premiums,” she stated.
Additionally, consumers can leverage technology to lower their insurance costs. State Farm’s Drive Safe and Save Program offers discounts based on driving behavior, rewarding safe drivers with significant savings. King noted that some users report savings of over $200 every six months due to improved driving awareness.
As the insurance landscape evolves, it’s more important than ever for consumers to stay informed and proactive. King concluded, “Don’t wait until disaster strikes to find out what your coverage entails. Regular reviews can save you a lot of money and hassle down the line.”
With these changes on the horizon, homeowners and drivers alike should act quickly to ensure they are getting the best coverage and rates available. Stay tuned for further updates as we monitor this developing story.
