Tuesday, January 17, 2017

N.C. Rate Bureau Withdraws Dwelling Fire Rate Filing

Jan 17, 2017

Insurance Commissioner Mike Causey announces the N.C. Rate Bureau has elected to withdraw the rate filing made on Nov. 30, 2016, which would have seen an increase of +19.6% average in North Carolina.

The rate filing was reviewed by Department of Insurance experts who discovered data issues that needed to be resolved before the filing could move forward. The N.C. Rate Bureau elected to withdraw the filing.

"As your Insurance Commissioner, I have pledged to protect consumers as much as possible and this will act as a great first step to making good on that promise to North Carolina,” said Commissioner Causey. “I am proud of my team for catching the issues and saving consumers money on their insurance rates."

The North Carolina Department of Insurance received a Dwelling Insurance rate filing from the N.C. Rate Bureau on Wednesday, Nov. 30. The N.C. Rate Bureau, which is not part of the Department of Insurance and represents all companies writing property insurance in the state, requested a statewide average rate increase of +19.6 percent, varying by territory, with a requested effective date of July 1, 2017. This filing included an increase of +37.3% for Extended Coverage (wind) policies, for a total statewide average increase of +19.6%.

Dwelling insurance policies are not homeowners insurance policies; dwelling policies are offered to non-owner occupied residences including rental properties, investment properties and other properties that are not occupied full-time by the property owner.

The filing has been removed from the Department of Insurance website and the SERFF Filing Access.

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