N.C. Rate Bureau Requested Dwelling Insurance Rate Increase
The North Carolina Insurance department reported on Monday that it has received a rate increase filing from the N.C. Rate Bureau regarding dwelling insurance. The Rate Bureau is requesting an average increase of 19.2 percent, but the increase will vary by area. The Rate Bureau is requesting that the rate change go into effect on July 1st.
The rate increase request is not for North Carolina homeowners insurance, but for dwelling insurance coverage. Dwelling insurance is offered to non-owner occupied residences that have no more than four units. This includes rental properties, properties that are not occupied full time by the owner and investment properties.
The rate increase filing also includes an average 24.3 percent rate increase for extended wind coverage as well as a 4.6 percent increase for fire coverage. These rate increases are capped at 30 percent for wind extended coverage and 5 percent for fire coverage so residents should not see a rate increase above those numbers.
The rate increase filing will be reviewed by the North Carolina Insurance Department to determine what size, if any, rate adjustments are needed. If the two parties cannot come to an agreement, a public hearing will be called so that both parties can present their case to a hearing officer who then determines the rate increase.
How to Lower Your Rates
If your rates are headed up on dwelling coverage or your homeowners insurance there are a few things you can do to help bring your premium back in line. Here are a few tips to lower your insurance costs:
- Shop Your Coverage: This is the best way to lower your insurance costs. Insurers rate risk differently which can result in dramatic differences in premium quotes. Shop your coverage annually and get homeowners insurance quotes from at least five insurance companies before making a decision.
- Raise Your Deductible: Pushing up your deductible will lower your premium but make sure you choose a deductible that you can easily afford. If you can afford to double your deductible you should see a significant drop in your premium.
- Upgrade Your Home: Regardless of whether it is your home, a rental property or investment property, upgrading the home with a wind resistant roof, storm shutters or a monitored security system can help lower your premium. Check with your insurer to see what upgrades will help lower your insurance costs.
For additional news, tips and articles related to North Carolina, please visit our North Carolina Home Insurance News Page.