40 percent wind policy rate hike requested for coastal dwelling policies
NEW HANOVER COUNTY, NC (WWAY) — The N.C. Rate Bureau has requested a statewide average rate increase of 18.9 percent for dwelling insurance policies.
Dwelling insurance policies are policies for homeowners who do not live in the residences, including rental property, investment properties, and other properties that are not occupied full-time by the property owner.
The NC Department of Insurance received the filing from the NC Rate Bureau on Wednesday. The filing included a requested increase of 40.5 percent for wind policies, but a decrease of 20.8 percent for fire policies. That would make the statewide average 18.9 percent.
According to maps, New Hanover County would see a 21 percent decrease in fire policies, but a 48 percent increase for wind 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.
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, in the Second Floor Hearing Room at the Albemarle Building, 325 N. Salisbury St., Raleigh.
- By email sent to: 2018DwellingandFire@ncdoi.gov. Comments will be accepted through March 23.
- By mail sent to: N.C. Department of Insurance, Attn. Tricia Ford, Legal Division, 1201 Mail Service Center, Raleigh, NC 27699-1201.