RALEIGH — A dwelling rate hike of 42.6% requested by the N.C. Rate Bureau has been negotiated down by N.C. Insurance Commissioner Mike Causey.
“I am happy to announce that North Carolina homeowners will save more than $104 million a year in premium payments compared to what the Rate Bureau had requested,” Causey said in the release. “I am also pleased that the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
According to a Jan. 31 press release by Causey’s agency, the legal dispute with the NCRB ended after data was studied and Causey was able to negotiate a 9.9% increase; 32.7% less than initially requested.
Causey’s release notes Dwelling insurance is not the same as general homeowners insurance.
Dwelling insurance 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 N.C. Rate Bureau (NCRB) is a “nonprofit, unincorporated rating bureau” separate from the N. C. Department of Insurance. Established in statute by the General Assembly of North Carolina in September 1977, the NCRB provides “services and programs for the insurance industry in North Carolina for automobile, property and workers compensation,” according to its website.
The NCRB first proposed the 42.6% statewide overall increase in dwelling insurance in August 2022. The request included 19.6% increase effective April 1, 2023, and a 19.2% increase effective April 1, 2024.
According to Causey’s office, the 9.9% increase that was agreed on is an average statewide figure and can vary depending on the territory and the highest average premium increase would be $31.
A hearing scheduled for April 17 on the matter has been canceled.
