North Carolina insurers are looking to raise rates from 7 percent to 25 percent, or an average 20.9 percent statewide, for 2011 on dwelling fire and extended coverage policies.
If approved the higher rates would affect about 570,000 policyholders, with those in coastal territories seeing the biggest increases.
Insurance Commissioner Wayne Goodwin, who must approve any increases, has scheduled a public comment session for Jan. 24 on the rate proposal. The department will also accept written comments until Jan. 31.
Dwelling fire policies are sold to properties that do not qualify for a standard policy such as rental properties, investment properties and other properties that are not occupied full-time by the property owner. A dwelling fire policy does not typically include liability coverage; extended coverages generally include coverage for damage to the physical dwelling due to wind, hail, fire, smoke, riot, civil commotion, and aircraft and vehicle damage.
Topics Carriers Pricing Trends North Carolina
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