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North Carolina Homeowners Save $777M Amid Insurance Rate Hikes

1/19/2025

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Summary

Story summary

Homeowners in North Carolina will experience a 7.5% insurance rate increase in 2025 and 2026, significantly lower than the proposed 42.2%.
Coastal regions, including Carteret and Onslow counties, will see a steeper rise of 16% in 2025.
The settlement halts additional rate hikes until June 2027, saving homeowners around $777 million.
Insurance Commissioner Mike Causey highlighted the importance of sufficient funds for insurers due to escalating natural disaster expenses.

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Story summary

Homeowners in North Carolina will experience a 7.5% insurance rate increase in 2025 and 2026, significantly lower than the proposed 42.2%.
Coastal regions, including Carteret and Onslow counties, will see a steeper rise of 16% in 2025.
The settlement halts additional rate hikes until June 2027, saving homeowners around $777 million.
Insurance Commissioner Mike Causey highlighted the importance of sufficient funds for insurers due to escalating natural disaster expenses.