The North Carolina Rate Bureau, which represents all companies writing property insurance in the state, is seeking an 18.7% statewide average increase in dwelling policies.
The North Carolina Department of Insurance said it received the filing for the rate hike from NCRB on Monday, Dec. 14. If approved, the increase would be effective Sept. 1, 2021.
The NCRB is not part of NCDOI.
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 filing shows the filed rate levels varying by territory, a new rating variable for age of construction, the filed windstorm and hail exclusion credits, and the wind only rate levels.
NCDOI said the filing will be reviewed to determine what, if any, rate adjustments are warranted. If NCDOI and NCRB 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.
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 NCRB.
In August 2019, NCRB requested a 19.2% increase for dwelling policies. The filing resulted in a settlement of an overall average rate increase of 4%.
Proposed Rate Changes by Territory
Source: North Carolina Department of Insurance (NCDOI)
Topics Carriers North Carolina
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