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Officials: North Carolina insurance rates not likely to be affected by tornadoesPosted On Mon, May 16, 2011
With the onslaught of tornadoes occurring in the month of April, many homeowners may be expecting home insurance rates to rise. But as far as North Carolina is concerned, any increases will be marginal.
Speaking to The Cary News, North Carolina Department of Insurance spokeswoman Kerry Hall said homeowners should not expect a major change in their premiums.
"We don't think homeowners should be alarmed that the rates are going to skyrocket as a result of these storms," said Hall. "It isn't likely to have a serious impact."
North Carolina was among several states in the south that saw a record number of twisters touching down. An increased number of claims often leads to higher premiums, but State Farm Insurance spokeswoman Kim Conyers told the paper rates are based on a multitude of factors and over a long period of time.
"A single disaster generally does not affect rates in the immediate future," said Conyers.
According to the Wall Street Journal, Nationwide Mutual had 2,000 home and auto insurance claims from North Carolina residents alone shortly after the string of tornadoes hit the state.
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