Homeowners in North Carolina will see insurance premiums climb an average of 7.9% next year, but that’s far less of an increase than a state valuation office had called for, the report said. state insurance commissioner.

The North Carolina Rate Bureau had proposed an average increase in the home insurance rate of 24.5%, to take effect for new policies and policy renewals on June 1, 2022. But Commissioner Mike Causey had negotiated with the office for months and postponed tariff hearings on it. A hearing scheduled for Jan. 3 has now been canceled, Causey’s office said.

Commissioner Mike Causey

The tariffs will remain in effect until 2024.

“I am pleased to report that North Carolina homeowners will save over $ 751 million in premium payments over what the NCRB requested,” Causey said. “I am also happy that the Insurance Department avoided a lengthy administrative legal battle that could have cost consumers time and money.”

Some counties, including coastal and urban areas, will experience higher rates than other parts of the state. A graph, available here, shows the increases for each county.

The settlement comes two weeks after Causey announced that mobile home insurance rates would also increase. The rate office had called for an average increase of 24.9% for mobile home fire insurance and an 11.3% increase for damage coverage, but Causey said it had negotiated the changes to an increase. 12.5% ​​for fires and 4.7% for damage.

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Trends Price Trends North Carolina Homeowners

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