Effective June the 1st North Carolina homeowners will see a 7.5% increase in the homeowner’s insurance.
The average North Carolinian will pay roughly $243 more per year after the statewide base‑rate increase takes effect.
An agreement was reached back in January of this year between the NC Department of Insurance and the North Carolina Rate Bureau, who represents the insurance industry, after Insurance Commissioner Mike Causey rejected the Bureau’s original request back in January of 2024.
The Rate Bureau had originally requested an average increase of 42.2%, with some insurance companies wanting to raise rates as much as 99.4% in some areas in a single year.
Under the agreement the average statewide base rate will increase by 7.5% on June 1, 2025, and an additional 7.5% on June 1, 2026. The agreement also prohibits the Rate Bureau from undertaking an effort to increase rates again before June 1, 2027.