Residents in North Carolina will see a rate decrease when it comes to their dwelling fire coverage while at the same time seeing 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 the state’s 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 state 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.
After holding several public hearings, Goodwin said he was comfortable with his decisions.
“I found that that the requested increase in extended coverage rates for properties is not warranted and I disapproved the request because it would have led to excessive and unfairly discriminatory rates,” Goodwin said. “Additionally, dwelling policyholders will have the benefit of decreased fire rates.”
Topics North Carolina Homeowners
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