The North Carolina Rate Bureau is asking for 28.5% and 31% average rate increases for dwelling policies over the next two years, numbers that will likely be reduced after negotiations with the state insurance commissioner.
The Rate Bureau, representing insurance carriers in the state, has recommended hefty rate increases over the last few years in dwelling, homeowners, mobile home and auto policies. But after review by the Department of Insurance, the final increases were significantly reduced.
Commissioner Mike Causey said in a bulletin that the last time the Bureau made a dwelling policy rate filing was in 2023. The organization called for a 51% increase, but later settled on an 8% increase, Causey said. In late 2024, the Rate Bureau urged a 42% average rate hike for homeowners’ policies, but that was negotiated down to 15%.
Dwelling policies cover rental properties and other non-owner-occupied properties of no more than four units.
Public comments on the proposed latest increase can be emailed to 2025DwellingandFire@ncdoi.gov. Written comments can be mailed to Kimberly W. Pearce, 1201 Mail Service Center, Raleigh, NC 27699-1201.
Related: Time to Change North Carolina’s Antiquated Rate Bureau System?
Topics Pricing Trends North Carolina