North Carolina Department of Insurance recently issued the following announcement.
The North Carolina Department of Insurance received a rate filing Monday, Dec. 14, from the North Carolina Rate Bureau requesting an 18.7% statewide average increase in dwelling policies to be effective Sept. 1, 2021.
The NCRB, which is not part of the Department of Insurance, represents all companies writing property insurance in the state.
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.
The filing includes a requested increase of 24.6% in extended (wind) coverage and no increase in fire coverage. The proposed rate increases are capped by territory at 25% for extended coverage.
The last time the Rate Bureau filed for a dwelling insurance rate increase was August 2019, when the Rate Bureau requested a 19.2% increase. The filing resulted in a settlement of an overall average rate increase of 4%.
The filing will be reviewed by Department of Insurance experts to determine what, if any, rate adjustments are warranted. If NCDOI and the Rate Bureau do not agree with the requested rates within 50 days, a hearing will be called in which both parties would present their cases to a hearing officer, who would then determine the appropriate rate level.
The filing is available for public review on the Rate Bureau website at: Rate Filings | Residential Property | NCRB. (Please scroll down to “Dwelling Rate Filing.”)
Opportunity for Public Comment
People who want to comment on the rate request may do so in one of two ways:
*Emailed public comments should be sent by Jan. 13, 2021, to : 2020Dwellingand Fire@ncdoi.gov.
*Written public comments should be mailed to Abby Spann, Paralegal III, to be received by Jan. 13, 2021, and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All public comments will be shared with the N.C. Rate Bureau.
Original source can be found here.
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