NC homeowner insurance rates to increase by 15%, but not as steep as insurers wanted

Base rates for North Carolina homeowners' insurance premiums will increase by an average of 15% over the next two years.

North Carolina Insurance Commissioner Mike Causey prepares to file reelection paperwork at the State Fairgrounds in Raleigh on Dec. 4, 2023.

North Carolina homeowners will see the base rates of their insurance premiums increase by an average of 15% over the next two years. While still sizable, it’s less than the 42% hike the North Carolina Rate Bureau (which represents insurance companies) sought last year.

Under a settlement reached between the Department of Insurance and the Rate Bureau, base rates of premiums will rise by an average of 7.5% on June 1 and another 7.5% on June 1, 2026. And no further rate increases can happen before June 2027.

But rates fluctuate tremendously by county, with residents seeing anywhere from no increases to a nearly 32% hike.