Starting this week, North Carolina homeowners will see insurance premiums rise by an average of almost 8% for new and renewing policies, after a negotiated rate increase took effect June 1.
The North Carolina Rate Bureau had proposed a 24.5% homeowners insurance average rate increase, but state Insurance Commissioner Mike Causey negotiated with bureau for months about it and landed on the 7.9% number.
The higher rates will remain in effect until 2024, Causey’s office said. Rate changes by territory can be seen here.
The rate bureau in 2018 had asked for a statewide average hike of 17.4%, but later settled for a 4% increase. In April of 2021, the bureau had proposed an 18.7% average increase in dwelling insurance, for rental and investment properties, but settled for a 7.6% rise after negotiating with the department.
Last month, higher rates for mobile home insurance also took effect. The rate bureau had recommended a 24.9% increase for mobile home fire insurance and an 11.3% hike for casualty coverage. Causey’s office engaged in negotiations and reached a compromise of 12.5% and 4.7%, which started May 1.
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