Rate Bureau Requests Average 18.9 Percent Hike For Dwelling Policies

Rate Bureau Requests Average 18.9 Percent Hike For Dwelling Policies

Rate Bureau Requests Average 18.9 Percent Hike For Dwelling Policies

By / State News / الثلاثاء, 13 شباط/فبراير 2018 20:09

RALEIGH, N.C. February  8th, 2018 - The North Carolina Department of Insurance received a Dwelling insurance rate filing from the N.C. Rate Bureau on Wednesday, Feb. 7. The N.C. Rate Bureau, which is not part of the Department of Insurance, represents all companies writing property insurance in the state. The Rate Bureau requested a statewide average rate increase of 18.9 percent, varying by territory, with a requested effective date of Oct. 1, 2018. This filing includes a requested increase of 40.5 percent for extended coverage (wind) policies, but a decrease of 20.8 percent for fire polices, making the statewide average request an increase of 18.9 percent.

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 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 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 to a hearing officer, who would then determine the appropriate rate level.

The filing is available for public review on the Department of Insurance website http://www.ncdoi.com/PC/Default.aspx and the SERFF Filing Access https://filingaccess.serff.com/sfa/home/NC  Enter the SERFF Tracking Number NCRI-131370773.

Opportunity for Public Comment

People wanting to comment on the rate request may do so in one of three ways:
• In person during a public comment forum from 10 a.m. to 4 p.m. on Friday, March 23, 2018, in the Second Floor Hearing Room at the Albemarle Building, 325 N. Salisbury St., Raleigh.
• By email sent to: عنوان البريد الإلكتروني هذا محمي من روبوتات السبام. يجب عليك تفعيل الجافاسكربت لرؤيته.. Comments will be accepted through March 23, 2018.
• By mail sent to: N.C. Department of Insurance, Attn. Tricia Ford, Legal Division, 1201 Mail Service Center, Raleigh, NC 27699-1201.

Homeowners Insurance Rates:
The N.C. Rate Bureau also proposed 18.7 percent homeowners insurance rate increase in November of 2017. Insurance Commissioner Mike Causey said in January 2018, "We are not in agreement with the Rate Bureau’s proposed increases filed Nov. 17, 2017. The next step, according to statute, is to set a hearing date,” said Commissioner Causey. “After hearing and reading the more than 9,000 comments from residents across the state and studying the figures in the filing, it is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

That hearing will take place July 23rd at 10 a.m. in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh. The proposal to increase homeowner's insurance rates would bring increases of 25% for owners, 40% for tenants and 40% for condo unit owners in New Hanover County.

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