Special to Iredell Free News
RALEIGH — North Carolina homeowners could soon see an increase in their insurance rates.
Commissioner Mike Causey negotiated an average increase of 7.9 percent after the N.C. Rate Bureau requested an average increase of 24.5 percent for policies started or renewed after June 1.
“We are very happy that North Carolina homeowners will save over $751 million in premium payments compared to what the NC Rate Bureau had requested thanks to negotiations last year,” Causey said. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
In Alexander, Iredell, Stanly, and Wilkes counties, the average increase is estimated at 9.9 percent.
On November 9, 2020, the N.C. Rate Bureau, which represents companies writing property insurance in North Carolina and is not a part of the N.C. Department of Insurance, proposed an overall statewide average of 24.5 percent. After studying the data, Commissioner Causey negotiated a settlement for a much smaller overall statewide increase of 7.9 percent.
As part of the agreement, the Rate Bureau will not seek another homeowner’s rate increase until 2024 at the earliest, meaning this rate change will be in effect until at least 2024.
Click HERE to see changes by territory.