N.C. Insurance Commissioner Settles 8% Dwelling Rate Hike for November

North Carolina Insurance Commissioner Mike Causey announced an average statewide 8% increase in dwelling insurance rates, significantly lower than the 50.6% hike requested by the NC Rate Bureau. The new rate, effective Nov. 1, will vary by territory and applies to non-owner-occupied residences with four or fewer units. Causey emphasized the savings for consumers and the avoidance of a costly hearing, while urging insurance companies to cut expenses and address high executive salaries.