North Carolina’s insurance commissioner has negotiated a 10% increase in average rates for dwelling insurance, for rental and non-owner-occupied properties, over the next two years.
The North Carolina Rate Bureau, representing property insurers, last fall had filed for a 68% rate over two years. In the state’s unique ratemaking system, the bureau usually asks for a proposed level for rates, and the Department of Insurance may hold hearings and offer its own actuarial analysis.
Commissioner Mike Causey said a hearing on the dwelling rate, set for July, was canceled after the two sides settled on the 5% per year increase for the next two years. The settlement includes mitigation credits for consumers who invest in fortified homes and roofs in parts of the state.
The new rates take effect Oct. 1 this year and Oct. 1, 2027.
The DOI last summer announced a 5% increase in average automobile liability rates, and average mobile home insurance rate increases of 8% to 11%.
Related: Time to Change North Carolina’s Unique (and Antiquated) Rate Bureau System?
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