Dwelling insurance rates set to rise Dwelling insurance rates to rise 7.9% in most of Triad

The state Insurance commissioner has approved an 8% statewide average increase for dwelling insurance rates, significantly down from the 50.6% increase requested by the N.C. Rate Bureau.

However, most affected homeowners in the Triad and northwest N.C. will face a smaller increase than the statewide average. Rates increase go into effect Nov. 1.

Commissioner Mike Causey announced Thursday the settlement of the legal dispute with the bureau, which represents all property and casualty insurance companies writing premiums in North Carolina. The bureau is not part of the Insurance Department.

Dwelling insurance is offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full time by the property owner.

The bureau submitted its rate increase proposal on July 13.

"I am happy that we were able to save North Carolina consumers more than $151.7 million per year in this rate case over what the insurance companies requested," Causey said in a statement. "I'm also glad that we were able to avert a potentially lengthy and costly hearing on this case."

There are separate rates for buildings, building contents and fire. There was no rate increase for the fire component.

The state is divided into 38 dwelling territories, which can combine adjacent cities and adjacent counties.

The territory involving Alamance, Davie, Forsyth, Guilford, Rockingham, Stokes and Surry counties will have a 7.9% increase for building coverage and 5% for contents.

For Alleghany, Ashe and Watauga counties, the rate increase for buildings is 5.6% and contents 5%.

For Davidson and Randolph counties, the rate increase for buildings is 7.1% and contents 5%.

For Wilkes County, the rate increase for buildings is 5.6%, but there is no increase for contents.

For Yadkin County, the rate increase for buildings is 11.1% and contents 5%.

[email protected]@rcraverWSJ