Insurance Commissioner Mike Causey approves average 8% dwelling rate increase ...Middle East

Dwelling policies will increase 8% starting in November. (File photo) Republican Insurance Commissioner Mike Causey (Photo: NCDOI) Late Thursday afternoon, Insurance Commissioner Mike Causey announced that he has negotiated an average, statewide 8% dwelling rate increase for North Carolina. The increase is 42.6 percentage points lower than the 50.6% increase requested by the N.C. Rate Bureau. The new rate will take effect Nov. 1. The settlement with North Carolina’s insurance companies will save state consumers more than $151.7 million per year, Causey said in a press release. A July 22 hearing about the rate increase has been canceled. “I’m also glad that we were able to avert a potentiall

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