Hearing set for proposed 68% increase in North Carolina dwelling insurance rates
RALEIGH, NC (WWAY) — North Carolina Insurance Commissioner Mike Causey has scheduled a public hearing to review a proposed 68.3% increase in dwelling insurance rates across the state.
The hearing is set for May 4, 2026, and will begin at 10 a.m. in the second-floor hearing room at the Department of Insurance, located at 3200 Beechleaf Court in Raleigh.
Causey said the hearing is the next required step after the North Carolina Rate Bureau filed its proposed increases earlier this fall.
“We are not in agreement with the Rate Bureau’s proposed increases,” Causey said. “It is now necessary to schedule a hearing in order to work toward a resolution that will make the most financial sense for our residents and insurance companies.”
The hearing will move forward unless the Department of Insurance and the Rate Bureau reach a settlement beforehand. State law gives the insurance commissioner 45 days to issue a ruling after the hearing concludes. The Rate Bureau could then appeal the decision to the North Carolina Court of Appeals, and potentially to the state Supreme Court.
The Rate Bureau filed the proposed increase on Oct. 30, requesting an average 68.3% hike in dwelling insurance rates statewide. Dwelling policies cover fire and extended coverage for non-owner-occupied properties of up to four units, including rental and investment properties. They are not the same as standard homeowners insurance policies.
Under the proposal, most policyholders would see double-digit increases, though the exact impact would vary by region.
The last time the Rate Bureau sought a major dwelling insurance rate increase was in July 2023, when it requested an average 50.6% increase. That filing was ultimately settled at an average 8% increase, which took effect on Nov. 1, 2024.
