WILMINGTON, NC (WWAY) — Insurance companies in North Carolina are looking for a rate hike.
The North Carolina Department of Insurance says it got a dwelling insurance rate filing from the NC Rate Bureau this week. The NC Rate Bureau, which is not part of the Department of Insurance and represents all companies writing property insurance in the state, has requested a statewide average rate increase of 19.6 percent, varying by territory. If approved, the increase would go into effect July 1.
The DOI says the filing includes a requested decrease of 16.6 percent for fire policies and an increase of 37.3 percent for extended coverage (wind) policies.
Dwelling insurance policies are not homeowners insurance policies. The policies are offered to non-owner occupied residences including rental properties, investment properties and other properties that are not occupied full-time by the property owner, according to a DOI news release.
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.
Department of Insurance experts will review the filing to determine what, if any, rate adjustments are warranted. If NCDOI and the NC 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 for or against rate adjustments.
The North Carolina Department of Insurance will not rule on this filing until 2017. Current Insurance Commissioner Wayne Goodwin narrowly lost his reelection bid last month to Republican Mike Causey.
The filing is available for public review on the Department of Insurance website and the SERFF Filing Access. Enter the SERFF Tracking Number NCRI-130822384.
For people who would like to weigh in on the rate requests in person, there will be a public comment session on Tuesday, December 20, 2016, 10:30 a.m. to 4 p.m. in the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St., Raleigh.
Written public comments will be accepted from December 2 through December 30, 2016. Written comments should be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or emailed to 2016DwellingInsurance@ncdoi.gov.