North Carolina insurers are looking to raise rates from 7 percent to 25 percent, or an average 20.9 percent statewide, for 2011 on dwelling fire and extended coverage policies.
If approved the higher rates would affect about 570,000 policyholders, with those in coastal territories seeing the biggest increases.
Insurance Commissioner Wayne Goodwin, who must approve any increases, said that the insurance department received the dwelling fire and extended coverage rate filing from the North Carolina Rate Bureau. The bureau represents the property insurance companies writing business in the state.
Goodwin has scheduled a public comment session for Jan. 24 on the rate proposal. The department will also accept written comments until Jan. 31.
Dwelling fire policies offer fewer options that standard homeowners policies and are sold to properties that do not qualify for a standard policy. Dwelling fire policies are offered to non-owner occupied residences including rental properties, investment properties and other properties that are not occupied full-time by the property owner. A dwelling fire policy does not typically include liability coverage; extended coverages generally include coverage for damage to the physical dwelling due to wind, hail, fire, smoke, riot, civil commotion, and aircraft and vehicle damage.
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