11/10/2025
CALL FOR ACTION!
PROPOSED RATE INCREASES FOR DWELLING POLICIES
COMMENT PERIOD ENDS NOVEMBER 19, 2025
The NC Rate Bureau submitted a Filing to the NC Department of Insurance (NCDOI) to increase insurance rates on dwelling policies. This filing also impacts rates on NCIUA (Beach Plan) dwelling and dwelling wind only policies. Dwelling policies differ from homeowner policies typically covering second homes, vacation rental homes or year-round rental homes.
The Rate Bureau is requesting consecutive increases over a two-year period. For Territory 110 (the barrier island areas of Dare, Currituck and Hyde counties), a rate increase of 40.6% is requested annually on July 1, 2026 and July 1, 2027. For Territory 130, (the inland areas of Dare, Currituck and Hyde counties), a rate increase of 37.4% is requested annually on July 1, 2026 and July 1, 2027.
These rate increases were filed by the NC Rate Bureau on October 30, 2025. The last dwelling rate increase approved by the NC Department of Insurance became effective on November 1, 2024.
Some suggested comments are included below. Even non-resident property owners should submit comments since they will be impacted by any rate increase.
IT IS IMPORTANT THAT NCDOI HEAR FROM YOU and YOUR CLIENTS!
PLEASE EMAIL YOUR COMMENTS ON or BEFORE 11-19-2025
email to: [email protected]
When submitting comments, include your name and NC property address. In addition to sharing your personal opinion regarding the impact of the proposed rate change, feel free to include any of the following:
Dear Commissioner Causey,
I/We respectfully request that you DENY the 2025 Dwelling Rate Filing. Based on the data and information included in the Filing, the NC Rate Bureau’s proposed rate increase request is unwarranted and unjustified. In addition:
Rate increases of 14.9% and 5.8% for territories 110 and 130 respectively for extended coverage dwelling policies became effective on November 1, 2024. These 2024 rates have not been in place long enough for their effectiveness to be adequately evaluated. Consideration of back-to-back double-digit rate increases in 2026 and 2027 is disingenuous. The latest filing is unreasonable and should not be approved.
The dwelling rate filing requests extended coverage rate increases for territory 110 of 40.6% and for territory 130 of 34.7%. respectively. These requested rate increases are excessive and unfairly discriminatory compared to other rates elsewhere in North Carolina. They are unsustainable for policyholders, property owners, and residents of these areas.
To offset increased insurance costs, policyholders of rental properties will pass any increased insurance premiums onto their renters by increasing rent prices. This will be especially impactful for our year-round renters. Renters already pay a disproportionate amount of their income on housing costs.
Admitted carriers in North Carolina are limiting their exposure in coastal areas by discontinuing coverage in these areas. This limited coverage coupled with increased premiums is creating an insurance crisis. Attainable coverage plus sustainable rates equal fair insurance for policyholders.
Decreased exposure for insurance companies means increased exposure for Outer Banks residents and our community in general. Policyholders may choose to decrease their coverage on their dwelling to be insufficient for their structure value increasing their risk. Inadequate insurance coverage affects the ability of communities to recover from storm events.
The requested rate increases are excessive and unfair and should be DENIED.
The rate filing in its entirety can be found here: https://www.ncrb.org/Portals/0/ncrb/personal%20lines%20services/Rate%20Filings/2025/Complete_DW%20Filing_20251030%20NCRI-134704186.pdf?ver=JMK0WPVDuUgZR8ayluP8qg%3d%3d
Written comments may also be submitted to:
Kimberly Pearce, Paralegal III, 1201 Mail Service Center, Raleigh, NC 27699-1201
ncrb.org www.ncrb.org
NCRB-NCRF-NCIGA
