Insurance Commissioner Calls For A Hearing On Proposed Dwelling Insurance Rate Increase
RALEIGH – North Carolina Insurance Commissioner Mike Causey has set May 4, 2026, as the hearing date for the North Carolina Rate Bureau’s proposed 68.3% dwelling insurance rate increase.
“We are not in agreement with the Rate Bureau’s proposed increases filed earlier this fall,” said Commissioner Causey. “The next step, according to statute, is to set a hearing date. It is now necessary to schedule a hearing in order to work toward a resolution that will make the most financial sense for our residents and insurance companies.”
The hearing will begin at 10 a.m. in the Second Floor Hearing Room at the Department of Insurance, 3200 Beechleaf Court, Raleigh.
The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. State law gives the Insurance Commissioner 45 days to issue an order once the hearing concludes. Once the order is issued, the NCRB has the right to appeal the decision before the N.C. Court of Appeals. A court of appeals order could then be appealed to the N.C. Supreme Court.
The NCRB and DOI can settle the proposed rate increase at any time during litigation.
The NCRB filed the average 68.3% dwelling increase on Oct. 30. The filing covers insurance for fire and extended coverage at varying rates around the state. Under the NCRB proposal, the increases would be felt statewide with most consumers seeing a double-digit increase.
The last NCRB dwelling rate increase filing was in July 2023, when the Rate Bureau requested an average statewide 50.6% increase. The parties negotiated a settlement that resulted in an average 8% increase, which took effect Nov. 1, 2024.
Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are 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.
Under Causey’s “leadership” (since 2016), home insurance rates have risen more than 57% and auto insurance rates by 82%. But the GOP sheep keep re-electing him. And they’ll probably vote for him again. #reapWhatYouVote
This is my first time pay a quick visit at here and i am really happy to read everthing at one place
What guarantees that insurance companies should make a profit? Maybe if someone provides you with a loan, they should also provide you with insurance with that loan. Let the market decide, if you don’t provide acceptable cost for insurance with a loan then people will go elsewhere to get that loan with lower insurance, and the lender would be without business untill it lowers its rates.
Just a thought.
Greed
If you have not filed a claim in 3 years they should refund you half you money that you paid in The republican are back by the insurance company and recieve big money from them so this is what they want
pure stupidity! increase after increase, teachers wanting a raise, again, duke wants to add another increase , Medicare increase AGAIN! where does it stop? is it coming? a future of you & I will own nothing but be happy? Big corporation getting rich off of Americans (the ones that really work, the ones who carried their load until retirement). where the H#** is this gonna end?