North Carolina Insurance Commissioner Mike Causey has continued the hearing for the insurance industry’s proposed statewide average 50.6% dwelling insurance rate increase to July 22. The hearing had been scheduled for Monday, April 8.
The hearing will begin at 10 a.m. in the N.C. Department of Insurance’s Hearing Room located on the 2nd Floor, 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. The two sides can settle the proposed rate increase at any time during litigation.
Dwelling insurance policies are not homeowner’s 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.
The N.C. Rate Bureau, which is not a part of the N.C. Department of Insurance, represents insurers that write the state’s dwelling policies. The Rate Bureau filed its proposal for an average 50.6% dwelling premium rate increase on July 13, 2023, which Commissioner Causey has rejected.