Rate Bureau Requests Average 18.9 Percent Hike for Dwelling Policies
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: [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.