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Does the North Dakota Insurance Department set homeowners rates?

April 26, 2017Department homeowners Insurance North Dakota rates

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Does the North Dakota Insurance Department set homeowners rates?

1 Answer

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10 Posted

The North Dakota Insurance Department regulates, but does not set, homeowners insurance rates. Each company decides what rate it needs to charge. As the regulator, the Department reviews the companies’ proposed rates for compliance with state law. If a company wants to change its rates, it must file supporting data with the Department. The Department’s rate analysts review that data to ensure that the rates are justified.