Commissioner Causey Reschedules Dwelling Rate Hearing
RALEIGH, N.C. – Insurance Commissioner Mike Causey has rescheduled the hearing for the insurance industry’s proposed statewide average 68.3% dwelling insurance rate increase to July 6. The hearing had been scheduled for May 4.
“The Department of Insurance and the N.C. Rate Bureau have made progress in reaching a settlement,” Commissioner Causey said. “More time is needed to work out the details of a settlement.”
The Rate Bureau, which represents the insurance companies in the state and is not a part of the N.C. Department of Insurance, filed a proposed increase with the Department on Oct. 30, 2025. The proposed year one average statewide increase of 28.5% would have taken effect on July 1, 2026, with the proposed year two average statewide increase of 30.9% taking effect on July 1, 2027.
The hearing will be held if the Department and Rate Bureau are unable to complete a settlement before July 6.
Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are primarily offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full time by the property owner.
The last time the Rate Bureau made a dwelling rate filing was in July 2023, when it requested an average statewide increase of 50.6%. After negotiation, the Department and the Rate Bureau reached a settlement for an overall average rate increase of 8%.
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Is it just a coincidence that the sudden explosion of apartment buildings and townhouses across the state has now lead to a 68.3% increase in the insurance rates for such properties? I’d be interested to know how many insurance agents sit on a board that approves the influx of multi-family dwellings and makes financial gains off the properties once built. It very well may be a coincidence, but NCIS Rule #39: “There is no such thing as a coincidence”.
No – it’s just that things have gotten a lot more expensive. Saw a box of cereal for $10 yesterday. And things are going to get a lot worse cause of you know who.
All of a sudden you care about prices rising? Where were you four years ago when gas at a record high average price in 2022. When eggs and groceries went up because of the price of gas. I didn’t hear you blaming it on you know who then. Probably because you voted for him which is typical of most hypocrites. They can’t be critical of the very people they support they tow the party line.
Actually it’s simple economics. The more dwellings that are being built in the state, the more claims that will be filed by property owners, and renters. If more claims are going to be filed, then they have to have the money to pay them. It’s just one of the extremely negative impacts of massive housing increases. That along with roads, police, fire, schools, water needs, electricity needs, EMS needs, water treatment plant needs, healthcare needs… And the list goes on and on and on and on and on.
@Thomas: No, that’s not how it works. The more dwellings that are built, the amount of risk PER EACH PROPERTY OWNER actually decreases.
If there are 1000 homes and $1M in claims, the risk/charge is $1000 per home.
If there are 100,000 homes and $10M in claims the risk/charge is only $100 per home.
The fees are tied to the risk-pool percentage — not the number or amount of claims.
Causey is SUPPOSED to know this and support the PEOPLE. But, if you look into his campaign donors, you’ll understand why he continues to allow the increases EVERY YEAR he’s been in office. #followTheMoney #voteOutIncumbents
Mike Causey was elected in 2016. Re-elected in 2020. And AGAIN in 2024. You sheep have no one to blame but yourselves.
You believed him then when he promised to shield you from the big bad insurance companies. And you’ll believe him again in 2028.
You can continue to blame economics, DJT, the builders… any and everyone else. But you should look in the mirror.
#reapWhatYouVote #baaa
Causey appears to be the insurance industry’s puppet