North Carolina Insurance Commissioner Mike Causey is reminding homeowners that insurance rate changes will take effect on June 1, 2022. Consumers will likely see the rate increase on policies that are taken out or renewed on or after today.
“We are very happy that North Carolina homeowners will save over $751 million in premium payments compared to what the NC Rate Bureau had requested thanks to negotiations last year,” Commissioner Causey said. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
On November 9, 2020, the N.C. Rate Bureau, which represents companies writing property insurance in North Carolina and is not a part of the N.C. Department of Insurance, proposed an overall statewide average of 24.5 percent. After studying the data, Commissioner Causey negotiated a settlement for a much smaller overall statewide increase of 7.9 percent.
As part of the agreement, the Rate Bureau will not seek another homeowner’s rate increase until 2024 at the earliest, meaning this rate change will be in effect until at least 2024.