The North Carolina Rate Bureau has requested a 50.6% statewide average rate increase for dwelling policies.
The Rate Bureau represents the insurance companies in the state and is not a part of the N.C. Department of Insurance.
The Rate Bureau filed the proposed increase with the Department of Insurance on July 13. The request would take effect on June 1, 2024.
The last time the Rate Bureau made a dwelling rate filing was in August 2022, when it requested an average statewide increase of 42.6%. After negotiation, the Department of Insurance and the Rate Bureau reached a settlement for an overall average rate increase of 9.9%.
Dwelling insurance policies are not homeowners’ 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.
Opportunity for Public Comment
People wanting to comment on the rate request may do so in one of two ways:
Emailed public comments should be sent to:
NCDOI.2023DwellingandFire@ncdoi.gov
Written public comments should be mailed to:
Kimberly W. Pearce, Paralegal III,
1201 Mail Service Center
Raleigh, N.C. 27699-1201
All written and emailed comments must be received by Aug. 25, 2023.
All public comments will be shared with the N.C. Rate Bureau. If Department of Insurance officials do not agree with the requested rates, they will be negotiated with the N.C. Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.