Insurance Companies Request 68 Percent Increase For Dwelling Policies
RALEIGH – The North Carolina Rate Bureau has requested an overall 68.3% statewide average rate increase for dwelling insurance policies, with the proposed implementation over a two-year period.
The Rate Bureau represents the insurance companies in the state and is not a part of the N.C. Department of Insurance.
The Rate Bureau filed the proposed increase with the Department of Insurance on Oct. 30.
The proposed year one average increase of 28.5% would take effect on July 1, 2026, with the proposed year two average statewide increase of 30.9% taking effect on July 1, 2027.
The proposed changes are averages and vary by territory.
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 of Insurance and the Rate Bureau reached a settlement for an overall average rate increase of 8%.
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.
Discover more from JoCo Report
Subscribe to get the latest posts sent to your email.
7 Comments
Comments are closed.
These home insurance increases are excessive. The insurance companies need to re-evaluate their business model. Last year’s increase was far above cola numbers.
Insurance companies seem focused on maximizing profits, squeezing every dollar they can from customers. Homeowners and car insurance rates have both gone up, and it feels like once those increases were accepted, they decided to raise other policy rates too. A 68.3% increase seems excessive for these types of policies. When will these constant rate hikes finally end?
“The one who oppresses the poor to increase his own gain, and the one who gives to the rich— both end in poverty.” Proverbs 22:16
“Come now, you rich, weep and wail over the miseries that are coming upon you.” James 5:1
“‘Then He said to them, “Watch out! Be on guard against all kinds of greed, because one’s life does not consist in the abundance of the material goods he possesses.” Luke 12:15
Squeeze squeeze squeeze!!!! As high as all expenses are, how is this even a consideration atm like profits aren’t still at an all time high each new year topping the previous…..
Who said and what law requires insurance companies to make a profit? NONE!!!!! This increase is for
“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.”
Not your normal homeowner.
Still a rip-off by insurers to pay the Almighty Stock Holder.
Wow, they keep taking and taking none stop and or government elected officials help them, but they sure don’t help the people that put them in office. SPIT ON TRUST!
I am a broker of 20+ years. Most of you don’t understand that insurance is not a charity situation. The reality is, increased weather losses, inflation, fraud have driven up the cost of losses. Bumper claims that were $1k a few years ago are $3k now. Windshields that were $400 are all over $1000. Roofs that were $20k to replace are now $40k to replace. Margins for insurance carriers are very tight. They are happy to make 5 cents on the dollar. The industry has been bleeding for YEARS; and if rates don’t match the risk – what you will see is carriers leaving the state entirely. This means less choice for consumers, and more policies for insurers who stay that are already stressed.
I am an insurance consumer myself with no special treatment. I am paying about 40% more than what I used to for combined home and auto. It is, what it is!