The North Carolina Department of Insurance has received a dwelling insurance rate filing from the North Carolina Rate Bureau requesting a statewide average rate increase of 19.2%, varying by territory.
The N.C. Rate Bureau, which is not part of the Department of Insurance, represents all companies writing property insurance in the state. It made the request on Aug. 14, with a requested effective date of July 1, 2020.
The filing includes a requested increase of 24.3% in extended (wind) coverage and an increase of 4.6% in fire coverage, NCDOI said in a statement. The proposed rate increases are capped by territory at 30% for extended coverage and 5% for fire coverage.
Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full time by the property owner.
NCDOI said the filing will be reviewed its experts to determine what, if any, rate adjustments are warranted. If NCDOI and the NCRB do not initially agree on the proposed rate changes, a public hearing will be called in which both parties would present their cases to a hearing officer, who would then determine the appropriate rate level.
Comments on the rate request can be made by email sent to: 2019DwellingandFire@ncdoi.gov. Comments will be accepted through Sept. 26, 2019; or by U.S. mail sent to: N.C. Department of Insurance, Attn. Mary Faulkner, Legal Division, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
Source: North Carolina Department of Insurance
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