N.C. Rate Bureau requests 18.7% hike in dwelling insurance policy rates
The N.C. Insurance Department said Wednesday that the N.C. Rate Bureau has requested an 18.7% statewide average increase in dwelling policies, to be effective Sept. 1.
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 filing includes a requested increase of 24.6% in extended overage and no increase in fire coverage. The proposed rate increases are capped by territory at 25% for extended coverage.
The state is divided into 38 dwelling territories, which can combine adjacent cities and adjacent counties.
Read more: https://journalnow.com/business/local/n-c-rate-bureau-requests-18-7-hike-in-dwelling-insurance-policy-rates/article_ae4cb5dc-3fb4-11eb-8d63-77886c3c2ed0.html