North Carolina Rate Bureau Wants 43% Hike in Dwelling Rates for 2023-24
The North Carolina Rate Bureau has recommended a statewide average increase of 42.6% over the next two years for dwelling property policies.
The rate hikes would be an average of 19.6% for April 2023 and 19.2% for 2024, the bureau’s filing shows.
The rate bureau actuaries said the latest dwelling property filing, which includes fire and extended coverage on rental properties, investment properties and other non-owner occupied residences, was based on trends and losses seen from 2016 through 2020. An increase in reinsurance costs played a significant factor, said a report from Milliman actuaries, included in the filing.
The Department of Insurance will accept comments on the proposed rates. They should be sent by Sept. 19 to NCDOI.2022DwellingandFire@ncdoi.gov. If a negotiated settlement cannot be reached, a public hearing will be held, the department said.