The North Carolina Department of Insurance received a dwelling insurance rate filing from the N.C. Rate Bureau on Aug. 14. The N.C. Rate Bureau, which is not part of the Department of Insurance, represents all companies writing property insurance in the state. The NCRB requested a statewide average rate increase of 19.2%, varying by territory, with a requested effective date of July 1, 2020.

The filing includes a requested increase of 24.3% in extended (wind) coverage and an increase of 4.6% in fire coverage. The proposed rate increases are capped by territory at 30% for extended coverage and 5% for fire coverage.

Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are for 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 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 here.

Those who would like to comment on the rate request may do so by emailing 2019DwellingandFire@ncdoi.gov or by mailing a letter to N.C. Department of Insurance, Attn. Mary Faulkner, Legal Division, 1201 Mail Service Center, Raleigh, N.C. 27699-1201. Comments will be accepted through Sept. 26.

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