The big insurance companies have requested yet another big insurance increase. On the heels of a large homeowners’ insurance policy request last fall, this new proposal hits landlords and investors.
The proposal is for a dwelling insurance policy 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 last dwelling insurance rate increase was August 2019. Insurers requested an average 18.7 percent increase. Ultimately, only a 4 percent increase was granted.
Just a year later here we go again. The latest request, like the one in 2019, is a proposed 18.7 percent average increase. That is unacceptable!
The timing of this increase is inexcusable and is yet another blow dealt to so many struggling property owners. So many landlords are struggling because of nonpayment of rent by tenants, eviction restrictions, and reduced vacation rentals, all a result of the pandemic.
You can voice your opposition to this increase by submitting emailed public comments to: 2020Dwellingand Fire@ncdoi.gov by January 13, 2021. So, time is of the essence. You need to act now!
Please tell Commissioner Causey to protect property owners by OPPOSING the proposed rate increase!
Please forward this request along with the proposed email to Causey on to your landlords so that their voices can be heard as well. Please note that the proposed email to Commissioner Causey can be accessed by clicking here.
Sincerely,
Amy Kemp
North Carolina REALTORS®
--65.188.xxx.xxx