Residents in North Carolina will see a rate decrease for their dwelling fire coverage but no change in the cost of their dwelling extended coverage. North Carolina Insurance Commissioner Wayne Goodwin has ordered a statewide average 7.3 percent reduction in rats for dwelling and fire policies, which are offered to non-owner occupied residences including rental properties, investment properties, and places not occupied full-time by the property owner. A dwelling fire policy typically does not include liability coverage.
Goodwin also denied a request from the North Carolina Rate Bureau, which sought a statewide average 36.1 percent increase in extended coverage. The extended coverage policies generally cover physical damage due to wind, hail, fire, smoke, riot, civil commotion, aircraft, and vehicle damage.
Topics North Carolina Homeowners
Was this article valuable?
Here are more articles you may enjoy.
‘Meaningful Decline’ in Industry Q1 Underwriting Profit Expected From Winter Storms 
Ford Recalling 4.3 Million US Vehicles Over Software Issue 
Cuts to Funding Mean Risks Will Pivot in Human Services Market 
Mexico’s Cartel Violence Could Hit Economy and Insurance Segment: AM Best From This Issue
