February 03, 2011
By: Jana Bell
The North Carolina Rate Bureau received a request from property insurance companies operating in the state that the statewide average for dwelling property policies be increased more than 20 percent in 2011. Based on the public response, residents aren't taking to kindly to the proposal.
According to the North Carolina Department of Insurance, 865 residents sent written responses to the department regarding the proposed increase. Dwelling insurance policies cover non-owner occupied residences, which aren't eligible for traditional homeowners insurance policies. The rate bureau, which represents the state's insurers, made the request January 4.
Since then, the department has welcomed any and all comments pertaining to the dwelling fire and extended rate filing. They've also welcomed public comments. Eleven people took advantage at a session held January 24.
The department is no longer accepting responses, but all of them will be considered in the decision process.
Unfortunately for North Carolina dwelling insurance customers, the rate bureau didn't provide them the same favor they did for motorists. The bureau did not seek an increase in this year's average auto insurance premiums and rates have remained the same since 2001.
Related Home Insurance Articles:
- NOAA predicts near-normal Eastern Pacific hurricane season May 25, 2012
- Safety officials call attention to home sprinkler system regulations May 24, 2012
- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
- Tropical Storm Alberto changes course away from Carolinas May 21, 2012
- California tops the nation in dog bite claims May 17, 2012
