Insurance companies seek rate increases in NC

RALEIGH, NC (AP) — Insurance companies are seeking rate increases for basic policies on residential property in North Carolina. The News & Observer reported Wednesday the companies are seeking increases ranging from about 7 percent to up to 25 percent near the coast.

The dwelling policies cover residential properties of up to four units that don’t qualify for a standard homeowners’ policy. The policies cover damage from fire and wind, while standard homeowners’ policies also cover theft and liability. About 570,000 properties are covered by dwelling policies in North Carolina.

The average increase is nearly 21 percent. State Insurance Commissioner Wayne Goodwin would have to approve the increases.

—
Information from: The News & Observer, http://www.newsobserver.com

(Copyright 2011 by The Associated Press. All Rights Reserved.)