close
BASE Members login - Use the username and password provided to you. Call 910.799.2611 for asistance.
| N.C. Insurers Request 20.9 Percent Rate Hike for Dwelling Property Policies |
 |
 |
 |
| Wednesday, 26 January 2011 09:46 |
|
Insurance Commissioner Wayne Goodwin announced that the Department has received the dwelling fire and extended coverage rate filing from the North Carolina Rate Bureau. The Bureau, which is not affiliated with the Department and represents the property insurance companies writing business in the state, requested an overall statewide average increase of 20.9 percent for 2011.
These increases are the first for fire and dwelling policies since 2006. Statewide, the rate increases would apply to about 395,000 dwellings, and to the contents of 175,000 dwellings. It is important to note that while these are not proposed changes to basic homeowners policies, The increases are proposed on so-called "dwelling fire" and "extended coverage" policies would apply to one- to four-unit dwellings that are not owner-occupied and are not eligible for a normal homeowners policy. BASE worked tirelessly on the homeowners insurance and Beach Plan legislation (House Bill 1305) following the homeowners insurance increases in 2009. In House Bill 1305, a specific provision was included which requires "Public Notice of Certain Filings" which requires the Rate Bureau to provide notice when NCRB files for an increase in insurance rates. By enabling this comment period and public hearing, the Insurance Commissioner appears to be following through on his pledge to resolve some of the previous public input issues. The filing is available for public review on the Department's website; to view the entire filing, go to http://www.ncdoi.com/PC/Documents/2011_DwellingRateFiling.pdf, or visit http://pserff.ncdoi.net/pc.html and enter the Serff Tracking Number 126940406.
On page a-2 of the filing, it shows that in territory 42/52 (which includes the mainland areas of New Hanover, Pender, Brunswick, Onslow and Carteret) the NCRB is requesting for fire coverage a decrease of -8.1% (buildings) and -14% (contents). For extended coverage in this area, the increases are 34.6% (buildings) and 40.4% (contents). In territory 8, which incluses the barrier islands, the NCRB is requesting for fire coverage a decrease of -6.1% (buildings) and -12.1% (contents). For extended coverage in this area, the increases are 28.2% (buildings) and 33.7% (contents). The map delineating territories can be found here: http://www.ncrb.org/NCRB/LinkClick.aspx?fileticket=DeR7Z0BDbNY%3d&tabid=99&mid=494 For interested parties who would like to weigh in on the rate requests, there will be a public comment session on Jan. 24 from 9:30 a.m. to noon in Room 3009 in the Dobbs Building, 430 N. Salisbury St., Raleigh. Written public comments may be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201; or faxed to: 919-733-4264, attn: Bob Mack. The deadline for submitting written comments is Jan. 31. |