Insurance Commissioner Mike Causey today announced that the N.C. Department of Insurance has settled a dwelling rate case with North Carolina insurance companies.
Commissioner Causey negotiated an average statewide increase of 5% per year over the next two years.
The N.C. Rate Bureau, which is not a part of the N.C. Department of Insurance and represents property and casualty insurance companies writing premiums in North Carolina, had requested a statewide overall increase of 68.3% over a two-year period. The Rate Bureau filed its requested increase on Oct. 30, 2025.
The initial 5% increase over current rates becomes effective on Oct. 1, 2026. The second 5% increase becomes effective on Oct. 1, 2027. The negotiated increases are average statewide figures, which vary by territory.
The settlement includes mitigation credits for consumers who invest in fortified homes and roofs aimed at helping withstand damage from high winds in many eastern North Carolina territories.
The settlement means that a hearing on the proposed dwelling rate increase scheduled for July 6 is no longer needed and has been canceled.
“I am happy that we have been able to save North Carolina consumers more than $268 million over what the insurance companies requested,” Commissioner Causey said. “I am delighted that many property owners who invest in fortified homes and roofs will be able to save on their insurance premiums.”
Dwelling insurance is different from homeowners’ insurance. Dwelling policies typically cover residences of no more than four units that are not the property owner’s primary residence or that are non-owner-occupied residences, such as rental properties or investment properties.