North Carolina property owners have a bit more breathing room today following a major settlement on dwelling insurance rates.
State Insurance Commissioner Mike Causey announced yesterday that his office has reached a deal with the North Carolina Rate Bureau to cap dwelling rate increases at five percent per year for the next two years. This is a significant drop from the nearly 68 percent total hike originally requested by insurance companies back in October.
The first five percent increase will take effect this October, followed by another five percent in October 2027. Causey says the agreement will save consumers more than $268 million dollars and cancels a public hearing that had been scheduled for July.
The new deal also includes special credits for owners who invest in fortified roofs and other storm-resistant upgrades, particularly in eastern North Carolina.
Dwelling insurance typically covers non-owner-occupied properties like rentals and vacation homes, rather than primary residences.
