The Briefcase The Briefcase

State commissioner sets dwelling rate increase

The state Insurance Commissioner Mike Causey said Tuesday he has approved a statewide 9.9% dwelling rate increase. Dwelling policies are 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 N.C. Rate Bureau filed on Aug. 18 for a 42.6% increase on dwelling policie to the state department. The bureau represents all companies writing property insurance in the state. Causey estimated the difference between the rate increases will save more than $104 million a year in premium payments.

The increase will take effect on new and renewed policies beginning on or after June 1. The state is divided into 38 dwelling territories, which can combine adjacent cities and adjacent counties. The highest average premium increase in any North Carolina territory would be $31.

Richard Craver

Home furnishings sales remain in slump

New home-furnishings orders fell for the 17th consecutive month during November, down 34.6% year over year to $1.94 billion as retailers and consumers continued to cancel or delay orders. However, orders were up 0.8% from $1.92 billion in October, according to the latest survey of U.S. manufacturers released Friday by industry research firm Smith Leonard PLLC of High Point.

About 97% of study participants reported a decrease in orders during November, compared with 88% of participants in October.

"When 97% of the participants report a decline in orders for the month, we think it's safe to say that business is definitely off," said Ken Smith, director of furniture services for Smith Leonard. The firm said a deeper dive into the new order trends shows they have been affected primarily by order cancellations from retailers, reflecting decreasing consumer demand with inflation at higher levels for most of 2022. "There continues to be discussions as to recession or not," Smith said. "We think in today's environment, it is not only an industry-by-industry debate, but probably more of a company-to-company debate."

Richard Craver

F.N.B. expands homeownership options

F.N.B. Corp., which has 23 branches in the Triad and Northwest North Carolina, said Tuesday it is offering a new credit initiative focused on communities of color within its territory.

The Special Purpose Credit program is aimed at promoting homeownership and economic equality to consumers in majority-minority neighborhoods. FNB said the program will offer up to $3 million in closing cost assistance annually in conjunction with the bank's proprietary affordable mortgage programs.

One feature is a new mortgage loan that offers a no-down-payment option and up to $5,000 in a closing cost assistance grant. It requires no private mortgage insurance requirement and features flexible qualification standards. A home-equity plan includes an installment loan and two lines of credit (interest-only and principal and interest). Ranging from $5,000 to $50,000, these products make it possible for borrowers to monetize funds they have invested in their homes to finance other priorities.

Richard Craver

Regional governments selected for program

The Triad and Northwest North Carolina government entities have been selected to participate in the state's Creating Outdoor Recreation Economies (CORE) program. Ashe County, the town of Jonesville and Rockingham County are among the 34 participants. The funding comes from the Rural Economic Development Division of the N.C. Commerce Department via $6 million U.S. Economic Development Administration state tourism grant. The program offers strategic planning and technical assistance to help rural communities "leverage North Carolina's abundant outdoor recreation assets to bolster local economic vitality."

Strategy development will focus on leveraging outdoor recreation assets to increase tourism, encourage small business development, enhance quality of life for residents, plan for asset and infrastructure development, and/or position communities to grow and attract outdoor gear manufacturing industries.

Richard Craver