For Immediate Release: April 28, 2010

Contacts: Kristin Milam 919-807-6011

DOI Receives Mitigation Filing Stemming from H.B. 1305 Legislation

Coastal insurance legislation required development of mitigation credits for homeowners insurance

RALEIGH -- Insurance Commissioner Wayne Goodwin today announced that the Department of Insurance has received the North Carolina Rate Bureau's filing to establish a schedule of mitigation credits for homeowners insurance policies in North Carolina. The filing is a requirement of 2009's Beach Plan Reform Bill, H.B. 1305 and needed to be submitted to the Department no later than May 1, 2010.

The filing's mitigation credits would provide premium discounts for insurance policies covering homes with construction features that help mitigate damage and insurance losses; an example of a mitigation feature would be window shutters that limit wind-borne debris damage from a hurricane or other wind event.

"Just like with any other filing, my staff will review this mitigation filing to make sure that it's actuarially sound," said Commissioner Goodwin. "Upon the Department's final approval of these filings, I hope that homeowners will be able to take advantage of these mitigation credits and it saves folks money on their insurance coverage - every dollar is important, especially in today's economic climate."

The mitigation filing is broken down into several filings depending on the type of insurance coverage to which the credit applies. To view the mitigation filings, visit the Department's Web site by clicking on this link and search by the following tracking numbers:

Coverage Type / Tracking Number

NCRB Mobile Homeowners MH(F) and MH(C) / NCRI-126596198

NCRB Dwelling Fire / NCRI-126596161

NCRB Homeowners / NCRI-126594597

NCIUA (Beach Plan) Residential / NCPC-126595169

NCIUA (Beach Plan) Commercial / NCPC-126595149

NCJUA (Fair Plan) Residential / NCPC-126595130

NCJUA (Fair Plan) Commercial / NCPC-126595094

 

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