Reported about 9 hours ago
Base rates for homeowners' insurance in North Carolina will increase by approximately 15% by mid-2026, following a settlement between the state Insurance Department and the insurance industry. The agreement, announced by Commissioner Mike Causey, contrasts with a prior request for a 42.2% hike from the North Carolina Rate Bureau. The increases will occur in two stages: a 7.5% rise on June 1, 2025, followed by another 7.5% a year later, with variations depending on location. High-risk areas will see the most significant increases, while the Rate Bureau is barred from proposing further rate hikes until June 2027.
Source: YAHOO