Dwelling rate increase of 8% to take effect in November

WILMINGTON, N.C. (WECT) - A dwelling rate increase of 8% is set to take effect Nov. 1, according to the N.C. Department of Insurance.

Per the announcement, the rate was set following a settlement between the N.C. Department of Insurance and insurance companies. Originally, the N.C. Rate Bureau requested an increase of 50.6%.

“Dwelling insurance is different from homeowners’ insurance,” the department explains. “Dwelling policies are primarily offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not the property owner’s primary residence.”

With the rate settled, a July 22 hearing about the rate dispute has been canceled.