North Carolina Insurance Commissioner has scheduled a public hearing for May to review the North Carolina Rate Bureau’s proposal to raise dwelling insurance rates by an average of 68.3% statewide.
Commissioner Mike Causey made it clear he disagrees with the proposed hike, calling the hearing a necessary step toward a fair solution for residents and insurers.
The hearing will be held at the Department of Insurance in Raleigh, unless a settlement is reached beforehand.
State law gives the commissioner 45 days after the hearing to make a decision, and the Rate Bureau can choose to appeal.
The proposed increase would significantly impact rental homes, investment properties, and other non-owner-occupied dwellings.
The last Rate Bureau request in 2023 sought a 50.6% increase but was negotiated down to 8%.
