North Carolina homeowners’ insurance base rates will rise by 15% statewide by mid-2026 under a settlement between the state Insurance Department and insurers.
The deal, announced by Commissioner Mike Causey, avoids the 42.2% hike initially requested by insurers, which cited inflation, storm costs, and insufficient premium rates as factors.
Rate increases will vary by location, with coastal areas seeing the highest hikes due to past hurricanes.
The settlement prohibits further rate increases until mid-2027 and aims to maintain insurer presence in the state, despite growing risks in disaster-prone areas. Insurers stressed that rising reinsurance costs and stronger storms continue to challenge the industry.
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