A settlement between the North Carolina Insurance Department and the insurance industry will see an average 15% increase in homeowners' insurance premiums by mid-2026. This represents a reduction from the initial request of 42.2% by the Rate Bureau, which cited rising reinsurance costs, inflation, and the impact of recent hurricanes.
North Carolina homeowners will face an average 15% increase in insurance premiums by mid-2026, as part of a settlement reached between the state Insurance Department and the insurance industry. This figure represents a significant reduction from the initial request of 42.2% by the North Carolina Rate Bureau , which represents insurance companies, in January 2024. The settlement, which follows multiple weeks of hearings and arguments, will see a phased increase with a 7.
5% rise on June 1, 2025, and another 7.5% on June 1, 2026. The Rate Bureau had cited high inflation, particularly in building materials, along with the increasing cost of reinsurance due to catastrophic events nationwide, justifying their initial request. They also pointed to the impact of recent hurricanes, such as Matthew in 2016 and Florence in 2018, on coastal areas. The settlement, however, reflects a compromise, acknowledging the need for insurers to remain financially stable while mitigating the burden on homeowners.Areas hit hardest by hurricanes, particularly those in eastern North Carolina, will see the most significant increases. Beach areas from Carteret to Brunswick counties are projected to experience an average 16% increase in mid-2025 and another 15.9% in mid-2026. Conversely, regions affected by Hurricane Helene's flooding will see lower-than-average increases. In more populated areas, Raleigh and Durham will face a 7.5% rise in base rates over the next two years, while Charlotte will see a 9.3% increase in 2025 and 9.2% in 2026. Notably, the settlement prevents the Rate Bureau from pursuing further rate increases before June 1, 2027
NORTH CAROLINA HOMEOWNERS INSURANCE PREMIUMS RATE INCREASE INSURANCE DEPARTMENT RATE BUREAU HURRICANES REINSURANCE COSTS INFLATION
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