The North Carolina Rate Bureau has submitted a request for an average 68.3% statewide increase in dwelling insurance rates, proposing that the change be implemented over two years. The filing was made to the North Carolina Department of Insurance on October 30.
If approved, the rate hike would begin with an average increase of 28.5% starting July 1, 2026. A second phase would add another average increase of 30.9% beginning July 1, 2027. The Rate Bureau acts on behalf of insurance companies but is independent from the state Department of Insurance.
These increases represent statewide averages and will differ depending on geographic territory within North Carolina.
The last rate filing for dwelling policies occurred in July 2023 when the Rate Bureau requested a 50.6% average statewide increase. After negotiations, the Department of Insurance and the Rate Bureau settled on an overall average increase of 8%.
Dwelling insurance policies are distinct from homeowners’ insurance; they apply to non-owner-occupied residences with up to four units, such as rental and investment properties or other homes not occupied full time by their owners.
Public comment is being accepted regarding this proposal. Comments may be emailed to: 2025DwellingandFire@ncdoi.gov or mailed to Kimberly W. Pearce, Paralegal III, at 1201 Mail Service Center, Raleigh, N.C. 27699-1201. All comments must be received by November 19.
All feedback will be shared with the North Carolina Rate Bureau. According to the Department of Insurance, “If the Department of Insurance officials do not agree with the requested rates, the Department will negotiate with the Rate Bureau. If a settlement cannot be reached within 50 days, a hearing will be called.”
