A major hike in insurance rates for North Carolina rental and investment properties is on hold for now.
State Insurance Commissioner Mike Causey has rescheduled a high-stakes hearing for the insurance industry’s proposed 68 percent rate increase, moving it from May to July sixth. Causey says the delay is to allow more time for settlement talks, noting that the Department of Insurance and the North Carolina Rate Bureau have already made progress on a potential deal.
The proposal, originally filed last October, calls for a two-stage rollout starting this summer. These "dwelling" policies typically cover non-owner-occupied homes, like rental units and seasonal properties.
History suggests a compromise is likely. The last time the industry asked for a 50 percent hike in 2023, negotiations eventually whittled that increase down to just eight percent. If a settlement isn't reached by the new July deadline, the formal hearing will move forward as planned.
