NC Insurance Rates

Is this inflation? Long-term repercussion of Helene? Representation of greater risk on the coastal portion of the risk pool?

Looks like there is a pattern of them requesting a huge change and settling for a much smaller one, though. And this does not affect homeowners' insurance for owner-occupied properties, it's for rental properties.
 
Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full-time by the property owner.

Have they proposed increases for homeowners insurance yet? I don’t have a second home so this won’t affect me. My dad has talked about self-insuring.
 
From the link: "Dwelling insurance policies are not homeowners’ insurance policies. Dwelling policies are offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties that are not occupied full-time by the property owner."
 
I totally understand increases relative to enormous increases in construction etc
I totally don't trust the "new way " the GOP has rigged up for the rules for these decisions
 
68% sounds crazy high. That would mean: 1. Construction costs have gone up, which they have with tariffs and masked men grabbing a significant percentage of the workers. But 68% sounds way too high for that.

And/or

2. Risk has gone up, which I suspect it is increasing every year but this doesn't include flood insurance so I can't imagine it's going up that much.

Something isn't adding up.
 
some helpful context from the article linked in the OP:

The last time the Rate Bureau made a dwelling rate filing was in July 2023, when it requested an average statewide increase of 50.6%. After negotiation, the Department of Insurance and the Rate Bureau reached a settlement for an overall average rate increase of 8%.
 
4thgenheel said:
some helpful context from the article linked in the OP:

The last time the Rate Bureau made a dwelling rate filing was in July 2023, when it requested an average statewide increase of 50.6%. After negotiation, the Department of Insurance and the Rate Bureau reached a settlement for an overall average rate increase of 8%.
Click to expand...
Yeah but it would mean it goes up by about 10% if the correlation remains. And that is a massive jump.
 
aGDevil2k said:
Yeah but it would mean it goes up by about 10% if the correlation remains. And that is a massive jump.
Click to expand...
I do think it's a lot less massive and the last increase was 2 years ago so 5% a year? Plus we did have a big weather event. This does seem much more reasonable if they can keep it down in the 10% range.
 
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