The Richards Group
27 East Main Street, Wilmington, VT 05363
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Wilmington households and business owners trust local agents to navigate carrier appetite shifts, underwriting requirements, and the claims process.
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27 East Main Street, Wilmington, VT 05363
View this agency's profile to learn more about their services.
Learn about insurance coverage options specific to Wilmington residents.
Wilmington homeowners face unique insurance challenges from hurricanes and flooding. Learn about wind deductibles, flood coverage, NC Beach Plan, and mitigation credits.
Wilmington's coastal location puts homes at significantly higher risk for hurricanes, tropical storms, and flooding. After Hurricane Florence caused over 100,000 insurance claims in 2018, insurers raised rates dramatically to cover potential future losses. Additionally, you need separate policies for wind/hail and flood damage, which aren't covered by standard homeowners insurance, pushing total annual costs to $4,800-$7,200 versus $1,900-$2,400 in inland cities like Charlotte.
The North Carolina Coastal Property Insurance Pool (Beach Plan) provides wind and hail coverage for coastal properties in 18 eligible counties, including New Hanover County where Wilmington is located. If you have a mortgage on a coastal home, your lender will almost certainly require this coverage since standard homeowners policies exclude wind damage from hurricanes. The Beach Plan was created as a last resort option but now covers 64% of coastal properties after major insurers withdrew from the market.
Flood insurance through NFIP averages $874-$1,200 annually in the Wilmington area, though coastal properties often pay more. Yes, you should strongly consider it even outside designated flood zones—Hurricane Florence proved that when thousands of "safe" homes flooded for the first time. One in four flood claims nationally comes from outside high-risk zones. If you have a federally-backed mortgage in a high-risk zone, flood insurance is mandatory.
Absolutely. Wind mitigation improvements like fortified roofs, hurricane straps, and impact-resistant windows can reduce your Beach Plan premium by 20-40%. New Hanover County's participation in FEMA's Community Rating System provides automatic discounts on flood insurance. Installing a wind mitigation system might cost $3,000-$8,000 upfront but typically pays for itself in 5-7 years through premium savings. Shopping policies annually with an independent agent can also uncover better rates.
Distance from the ocean is the single biggest factor in your premium. Properties near the Intracoastal Waterway can cost 40-70% more to insure than homes just a few miles inland. Insurers use granular ZIP code-based pricing, so moving even a few blocks away from the water can save you $1,000-$3,000 annually. A beachfront home might pay $7,000 for wind coverage alone, while a similar house ten miles inland pays $1,500.
Yes, ongoing increases are likely. The NC Rate Bureau requested a 99.4% increase for beachfront properties in 2024, which was negotiated down to 15% over two years, but rate hikes of 5-16% were approved for 2025 alone. Climate change is producing more powerful hurricanes, sea levels are rising, and insurers are repricing coastal risk accordingly. Budget for annual premium increases of 5-15% going forward when planning your homeownership costs.
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