North Carolina home insurance premium base rates increasing about 15% by mid-2026 Base rates for North Carolina homeowners' insurance premiums will increase on average by about 15% by mid-2026 as part of a settlement reached by the state Insurance Department and the industry.
Causey said in a news release that the proposed rate increases “are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims.".
The agreement announced Friday by Commissioner Mike Causey contrasts with the January 2024 request by the North Carolina Rate Bureau, which represents insurance companies, seeking a 42.2% overall average increase.
The bureau attributed its large request to high inflation — particularly on building materials — combined with calamitous storms and “severely inadequate” premium rates to cover claims.
The state Insurance Department said its witnesses would contend rates should be lowered or increased by less than 3%.
