Insurance Rate Increase Proposal

Insurance companies in North Carolina have requested a statewide average increase of 68.3% in dwelling insurance rates, as announced by the state Department of Insurance this week.

The North Carolina Rate Bureau submitted this request on October 30, proposing implementation over two years. In the first year, there would be a 28.5% increase, followed by a 30.9% increase in the second year, culminating in the proposed 68.3% total increase.

If approved, the initial increase would begin on July 1, 2026, with the second phase starting on July 1, 2027.

Dwelling insurance policies differ from homeowners’ insurance policies. They cover non-owner-occupied residences with no more than four units, such as rental and investment properties and other properties not occupied full-time by the owner.

The last dwelling rate filing by the Rate Bureau was in July 2023, requesting a 50.6% average statewide increase. After negotiations, the Department of Insurance and the Rate Bureau agreed on an overall average increase of 8%.

Opportunity for public comment

Individuals wishing to comment on the rate request can do so in two ways:

•  Email public comments to: 2025DwellingandFire@ncdoi.gov

•  Mail written comments to:

Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All comments must be received by November 19.

All public comments will be shared with the N.C. Rate Bureau. If the Department of Insurance disagrees with the requested rates, negotiations will occur with the Rate Bureau. If no settlement is reached within 50 days, a hearing will be scheduled.