The North Carolina Rate Bureau has asked for a nearly 70 percent increase in dwelling insurance rates over a two-year period.
The rate bureau represents the insurance companies and is not a part of the N.C. Department of Insurance; the proposed year one average increase of 28.5 percent would take effect on July 1, and a 30.9 percent would go in effect for the following year.
Commissioner Mike Causey said dwelling insurance policies are not homeowners’ insurance policies, but are offered to non-owner-occupied residences of no more than four units, including rental and investment properties.
If the department of insurance officials do not agree with the requested rates, the department will negotiate with the rate bureau. If a settlement cannot be reached within 50 days, a hearing will be called.
People can comment on the rate request in one of two ways:
Emailed public comments should be sent to: 2025DwellingandFire@ncdoi.gov.
Written public comments should be mailed to: Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.
All emailed and written comments must be received by Nov. 19.
