Commissioner Causey reschedules dwelling rate hearing

Insurance Commissioner Mike Causey has rescheduled the hearing for the insurance industry's proposed statewide average 68.3% dwelling insurance rate increase to July 6. The hearing had been scheduled for May 4.

"The Department of Insurance and the N.C. Rate Bureau have made progress in reaching a settlement," Commissioner Causey said. "More time is needed to work out the details of a settlement."

The Rate Bureau, which represents the insurance companies in the state and is not a part of the N.C. Department of Insurance, filed a proposed increase with the Department on Oct. 30, 2025. The proposed year one average statewide increase of 28.5% would have taken effect on July 1, 2026, with the proposed year two average statewide increase of 30.9% taking effect on July 1, 2027.

The hearing will be held if the Department and Rate Bureau are unable to complete a settlement before July 6.

Dwelling insurance policies are not homeowners' insurance policies. Dwelling policies are primarily 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 last time the Rate Bureau made a dwelling rate filing was in July 2023, when it requested an average statewide increase of 50.6%. After negotiation, the Department and the Rate Bureau reached a settlement for an overall average rate increase of 8%.

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