NU Online News Service, Dec. 13, 1:27 p.m. EST
North Carolina Insurance Wayne Goodwin has denied a request by the North Carolina Rate Bureau for a statewide average 36.1 percent for dwelling extended coveage policies and issued a rate decrease for dwelling fire policies.
Goodwin says he has ordered an overal rate decrease of 7.3 percent for dwelling fire policies.
"I found that the requested increase in extended coverage rates for dwelling properties is not warranted," says Goodwin in a statement. He said he denied the request because "it would have lead to excessive and unfairly discriminatory rates."
A hearing on the rates began in July and ended at the end of October. Goodwin was the hearing officer and mulled evidence presented by the state insurance department and the North Carolina Rate Bureau, which represents all of the state's property insurance companies.
Dwelling fire policies cover non-owner occupied residences, such as rental and investment properties. It typically offers much less coverage than a standard homeowners' policy.
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