Proposed 68.3% Increase in Dwelling Insurance Rates Could Impact Local Property Owners

https://www.newsbreak.com/share/4329681272076-proposed-68-3-increase-in-dwelling-insurance-rates-could-impact-local-property-owners?_f=app_share&pd=08yXCuIP&lang=en_US&send_time=1762362117&trans_data=%7B%22platform%22%3A0%2C%22cv%22%3A%2225.44.0.36%22%2C%22languages%22%3A%22en%22%7D&s=i4

The North Carolina Rate Bureau has requested a 68.3% average statewide increase in dwelling insurance policy rates. The proposed increase would take effect over two years, with a 28.5% rise on July 1, 2026, and a 30.9% rise on July 1, 2027. The Rate Bureau represents insurance companies and is separate from the N.C. Department of Insurance. The proposal was submitted on October 30, 2025.

Dwelling insurance policies cover non-owner-occupied residences with up to four units, such as rental and investment properties. These policies are different from homeowners’ insurance. In July 2023, the last rate filing requested a 50.6% increase, but an 8% increase was approved after negotiations.

The Department of Insurance is accepting public comments on the current proposal by email or mail until November 19, 2025. If the Department does not agree with the requested rates, negotiations will take place. If no agreement is reached within 50 days, a hearing will be scheduled.