|March 7, 2018
Rate Bureau Requests Average 18.9 Percent Hike for Dwelling PoliciesThe
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
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.
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.
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
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: [email protected]. 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.