In a significant financial move that is sure to affect many, the North Carolina Rate Bureau has lodged a request for a 68.3% rate hike for dwelling insurance policies across the state. This bureau, which represents insurers within North Carolina and operates independently of the N.C. Department of Insurance, proposed this change in a filing on Oct. 30 and suggested that the hike be implemented in two phases, as reported by the N.C. Department of Insurance.
Representing the companies, the N.C. Rate Bureau, last made a similar request in July 2023 when they asked for a 50.6% increase. After much back and forth, an 8% uptick was agreed upon with the Department of Insurance. With the new submission, the bureau eyes for the first leg of the increase at 28.5% to take effect from July 1, 2026, and the remaining 30.9% to follow precisely a year later on July 1, 2027. However, the proposed hikes are not uniform and will vary depending on the territory.
Citizens not entirely satisfied with their policyholders pocketing higher premiums have until Nov. 19 to voice their concerns. Public comments can be sent via email to [email protected] or through the traditional post addressed to Kimberly W. Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, N.C. 27699-1201. The Rate Bureau will have access to all public comments gleaned from these submissions, according to the N.C. Department of Insurance.
Dwelling policies, which are distinct from homeowners' insurance, offer protection for properties not permanently occupied by owners, such as rental and investment properties, and those accommodating a maximum of four units. If the Department of Insurance disputes the new rates, Department officials will enter negotiations with the Rate Bureau, and if a compromise remains elusive within 50 days, a hearing will be mandated.
