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.