North Carolina Weighs Storm Mitigation Credit Proposal by Homeowners Insurers

Insurers in North Carolina are preparing to offer premium credits to homeowners who implement storm mitigation improvements.

On behalf of insurers, the North Carolina Rate Bureau has filed a proposal with the Department of Insurance to provide credits to homeowners for implementing certain property protection measures, including several based on the Institute for Business & Home Safety’s (IBHS) FORTIFIED building programs.The proposal would provide homeowners in 18 coastal counties with credits on their annual wind and hail premiums.

“We commend the Rate Bureau for formally recognizing the financial value of superior construction – and for taking the initiative to encourage and incentivize North Carolinians to make their homes safer and stronger, so that families and property in vulnerable areas can be better protected,” stated Julie Rochman, IBHS president & CEO. “We know how to make people and properties safer when severe weather events strike. Homes and communities must be more resilient, and we absolutely must focus more on keeping the pieces in place, instead of simply and repeatedly picking up the pieces after disaster strikes.

“Collectively and individually, we need to work toward solutions that make us less vulnerable to the natural events that can and will have a dramatic impact on our lives, and the North Carolina proposal under consideration will help do just that,” Rochman said.

Insurance Commissioner Wayne Goodwin has not yet approved the credits.