Insurance Companies want more for Rental Property Coverage
The generally result had found an insurance companies like the premiums by 25 percent to cover the rental homes and investment properties in the Fayetteville area to increase. While in capability trust of some user insurance that such an increase – if approved by national regulators – could mean that tenants will end up paying more rent per month, some landlords say.
The insurance rate increases proposed Tuesday. The request is subject to the approval of State Insurance Commissioner Wayne Goodwin. As an elected official, he is expected to be sensitive to voter concerns in handling the request. He is public comment on the idea through Jan. 31. The request is part of a proposed statewide increase for properties not occupied by the owner. It applies to homes with up to four units. And then command in social comment likes receives little degree presently.
The insurance industry is asking for rate increases ranging when the result start from 7.8 percent in the Piedmont to 25 percent in eastern North Carolina and the coast. Statewide, the increase 20.9 percent, or about $ 475 per year on average, said Ray Evans, general manager of the NC Rate Bureau, which represents insurance companies in dealing with national regulators.