North Carolina Insurance Commissioner Mike Causey announced a settlement with insurance companies that will limit increases in dwelling insurance rates over the next two years, according to a release from his office.
The rates will increase by a 5% aveage statewide each year in 2026 and 2027. The first increase will take effect on Oct. 1, 2026, followed by a second increase on Oct. 1, 2027. Officials said the exact impact will vary by location.
The settlement comes after the N.C. Rate Bureau requested a 68.3% overall rate increase over two years in a filing submitted in October 2025.
Causey said the agreement will save consumers more than $268 million compared to the proposed increase.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.