Update On The Proposed Dwelling Insurance Policy Rate Changes

Update On The Proposed Dwelling Insurance Policy Rate Changes

Comment on Proposed Dwelling Insurance Policy Rate Changes

Below is an update on the proposed NC Department of Insurance Dwelling insurance rate filing. If you own, or plan to purchase, a non-owner occupied OBX home you should read this update.

The following is reprinted with permission from the Outer Banks Association of REALTORS®

The NC Department of Insurance received a Dwelling insurance rate filing from the N.C. Rate Bureau last month. While the Rate Bureau is requesting a statewide average rate increase of 18.9 percent for dwelling policies with a requested effective date of Oct. 1, 2018, the filing includes a requested increase of almost 60% for extended coverage (wind) policies here in Dare and Currituck Counties.

Dwelling insurance policies are not homeowner’s insurance policies. Dwelling policies typically cover 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.

You can comment on the rate request in one of three ways:

1) 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, 325N. Salisbury St., Raleigh.

2) By email sent to: 2018Dwellin andFire@ncdoi.gov. Comments will be accepted through March 23, 2018.

3) By mail sent to: N.C. Department of Insurance, Attn. Tricia Ford, Legal Division, 1201 Mail Service Center, Raleigh, NC 27699-1201.

Steven Donald Headshot
Phone: 252-489-0982
Dated: March 2nd 2018
Views: 354
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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