North Carolina Cuts Dwelling Fire Rates

Residents in North Carolina will see a rate decrease for their dwelling fire coverage but no change in the cost of their dwelling extended coverage. North Carolina Insurance Commissioner Wayne Goodwin has ordered a statewide average 7.3 percent reduction in rats for dwelling and fire policies, which are offered to non-owner occupied residences including rental properties, investment properties, and places not occupied full-time by the property owner. A dwelling fire policy typically does not include liability coverage.

Goodwin also denied a request from the North Carolina Rate Bureau, which sought a statewide average 36.1 percent increase in extended coverage. The extended coverage policies generally cover physical damage due to wind, hail, fire, smoke, riot, civil commotion, aircraft, and vehicle damage.

See More From This Issue