A dwelling-insurance settlement reached by the state's insurance commissioner and the N.C. Rate Bureau will not result in an increase for customers in the Triad and Northwest North Carolina.
Dwelling-insurance policies are not homeowners' insurance policies.
They are offered to residences occupied by non-owners of no more than four units, including rental properties, investment properties and other properties that are not occupied full time by the property owner.
On Aug. 28, the bureau filed a request for a statewide average rate increase of 19.2%, to go into effect July 1. The state is divided into 38 dwelling territories, which can combine adjacent cities and adjacent counties.
The bureau wanted a 24.3% increase for extended (wind) coverage and a 4.6% increase in fire coverage. The proposed rate increases are capped by territory at 30% for extended coverage and 5% for fire coverage.
Mike Causey, the state's insurance commissioner, rejected the request and set a public hearing for Jan. 13. The settlement ends the need for the hearing.
Causey said Monday he approved an overall statewide rate of 4% that become effective July 1 for all new and renewal policies.
That broke down to no increase for fire coverage and a statewide average 5.3% increase for extended (wind) coverage.
In the building category, there were no rate changes for the combined Winston-Salem and Greensboro territory, as well as all 14 Triad and Northwest N.C. counties.
There also was no rate change related to building contents in the Winston-Salem and Greensboro territory, as well as in Alamance, Davie, Forsyth, Guilford, Rockingham, Stokes and Stokes.
There was a 6% decrease for Davidson and Randolph, an 8% decrease in Yadkin, 0.8% decrease in Wilkes and 13.1% decrease for Alleghany, Ashe and Watauga.
The settlement includes provisions for credits for dwelling owners who install fortified roofs.
Fortified roofs are built to a higher standard and designed to better withstand high winds that come from storms. Such credits could reduce insurance premiums by an average 7% in some territories.