North Carolina homeowners' insurance premiums will increase by an average of about 15% by the middle of next year as part of a settlement reached by the state Insurance Department and the industry.
State Insurance Commissioner Mike Causey said that’s much lower than the January 2024 request by the North Carolina Rate Bureau, which represents insurance companies. They sought a 42% overall average increase.
Causey started his third term earlier this month. He formally rejected the bureau's request last year. That led to a formal hearing that began in October and included multiple weeks of witnesses, evidence and arguments. The state Insurance Department said its witnesses contend rates should be lowered or increased by less than 3%.