Today is the last day to comment on dwelling insurance rates proposed by the N.C. Rate Bureau, either via email or in person during a public comment forum in Raleigh that lasts until 4 p.m. today.

Tyler Newman, president and CEO of local business and industry advocacy group Business Alliance for a Sound Economy, will be presenting BASE's opposition, particularly to extended rates that cover wind. 

"While the rate case requests decreases to fire rates [of 20.8 percent for fire polices], extended (wind) rates are requested to increase 39.6% for beach areas and 58.3% for the coastal areas of Brunswick, Carteret, New Hanover, Onslow and Pender Counties," Newman says in a letter he's planning to provide during today's Raleigh public comment forum. 

Dwelling insurance policies are not homeowners insurance policies, explains a news release issued in February about the Rate Bureau's request. Dwelling policies are for 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 Rate Bureau requested a statewide average dwelling rate increase of 18.9 percent, varying by territory, with a requested effective date of Oct. 1, according to the February release.

Insurance increases in coastal areas are a sensitive subject in the Cape Fear region, with opponents saying they are unfair in a variety of ways, including that damage from storms isn't always the worst in coastal regions.

In January, North Carolina Insurance Commissioner Mike Causey rejected the rate bureau's proposed 18.7 percent homeowners insurance rate increase, setting a July 23 hearing date.

“We are not in agreement with the Rate Bureau’s proposed increases filed Nov. 17, 2017. The next step, according to statute, is to set a hearing date,” Causey said in a news release in January. “After hearing and reading the more than 9,000 comments from residents across the state and studying the figures in the filing, it is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

Newman states in the BASE letter that the requested dwelling rate change would have a significant impact on the area's concentration of non-owner occupied properties.

"These second homes, vacation rentals and year-round rental properties are a key asset to North Carolina’s economy," he wrote. 

He also wrote, "These types of increases come at a time where it will certainly have impacts on economic investment in North Carolina. In addition to vacationers, new residents, young families, retirees, and people on fixed incomes all will bear the burden of these increases, if enacted. As with the Homeowners Insurance Rate Filing, local governments along the coast have resoundingly passed resolutions opposing these increases." 

Without legislative intervention, Newman said in the letter, "this cycle of statewide inequity in rates is likely to continue indefinitely. We encourage the Commissioner of Insurance to support legislative efforts to change North Carolina’s antiquated rate making process."

BASE's members and formal advocacy partnership groups include the Wilmington Chamber of Commerce, Wilmington-Cape Fear Home Builders Association, Brunswick County Home Builders Association, Brunswick County Association of Realtors, Jacksonville Board of Realtors and Topsail Island Association of Realtors.

The Raleigh forum is being held today in the Second Floor Hearing Room at the Albemarle Building, 325 N. Salisbury St., Raleigh. Comments can also be sent via email to [email protected] through today.