Hearing Set for Proposed Dwelling Insurance Rate Hike in North Carolina
In a significant development for property owners across North Carolina, Insurance Commissioner Mike Causey has announced a hearing date concerning the proposed 68.3% increase in dwelling insurance rates. The hearing is scheduled for May 4, 2026, and aims to address the North Carolina Rate Bureau’s (NCRB) suggested rate hike.
Commissioner Causey stated, “We are not in agreement with the Rate Bureau’s proposed increases filed earlier this fall. The next step, according to statute, is to set a hearing date. It is now necessary to schedule a hearing in order to work toward a resolution that will make the most financial sense for our residents and insurance companies.”
The proceedings are set to commence at 10 a.m. at the Department of Insurance located at 3200 Beechleaf Court, Raleigh. This hearing could be bypassed if the Department of Insurance (DOI) and the NCRB reach a settlement beforehand. By law, the Insurance Commissioner is required to issue a ruling within 45 days following the conclusion of the hearing. The NCRB retains the option to appeal the decision to the N.C. Court of Appeals, with further appeals possible to the N.C. Supreme Court.
Negotiations between the NCRB and DOI can occur at any point during the litigation process, potentially leading to an agreement on the proposed rate increase. The NCRB initially filed for the 68.3% average dwelling insurance increase on October 30. This proposal encompasses a range of rates across the state for fire and extended coverage, impacting most consumers with significant increases.
Previously, in July 2023, the NCRB requested a 50.6% average statewide increase. A settlement was negotiated, resulting in a more modest average increase of 8%, effective from November 1, 2024.
It’s important to note that dwelling insurance policies differ from homeowners’ insurance. They are designed for non-owner-occupied residences with up to four units, including rental and investment properties, as well as other properties not occupied full-time by the owner.
Read More Here
