The North Carolina Department of Insurance has received a request from the N.C. Rate Bureau to raise rates on dwelling insurance policies.
The N.C.Rate Bureau represents all companies writing property insurance in the state. The average rate increase requested is 19.6 percent, varying by territory, effective July 1, 2017. The rate request filed Wednesday includes a requested decrease of -16.6% for Fire policies and an increase of +37.3% for Extended Coverage (wind) policies, for a total statewide average increase of +19.6%.
Dwelling insurance policies are not homeowners insurance policies; dwelling 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.
The Rate Bureau has also requested revisions to the current geographic rating territories. The proposed territory revisions are the same territory definitions applicable to homeowners’ policies.
The filing will be reviewed by Department of Insurance experts to determine what, if any, rate adjustments are warranted. If NCDOI and the N.C. Rate Bureau do not initially agree on the proposed rate changes, a public hearing will be called in which both parties would present their cases for or against rate adjustments.
The North Carolina Department of Insurance will not rule on this filing until 2017.
For people who would like to weigh in on the rate requests in person, there will be a public comment session on Tuesday, December 20, 2016, 10:30 a.m. to 4 p.m. in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St., Raleigh.
Written public comments will be accepted from December 2 through December 30, 2016. Written comments should be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or emailed to 2016DwellingInsurance@ncdoi.gov.