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Citing progress on a potential compromise with the insurance industry’s rate bureau, North Carolina Insurance Commissioner Mike Causey has rescheduled a hearing on proposed dwelling insurance rate increases from May 4 to July 6.

The North Carolina Rate Bureau is asking for an average 28.5% hike that would take effect on July 1, 2026 and then another 31% average rate increase on July 1, 2027. The combined effect would be a 68.3% increase.

“The Department of Insurance and the N.C. Rate Bureau have made progress in reaching a settlement,” Causey said in announcing the rescheduling. “More time is needed to work out the details of a settlement.”

Judging from past proceedings, the increases will likely be reduced after negotiations with Causey’s office and before any public hearing.

The industry last submitted a dwelling rate filing in July 2023, when it requested an average statewide increase of 50.6%. After negotiation, the department and the rating bureau settled for an overall average rate increase of 8%.

Causey set the May 4 hearing date last December, two months after the rating bureau submitted its proposal. The rescheduled hearing will be held at 10 a.m. at the insurance department’s office in Raleigh 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.

Topics Pricing Trends North Carolina