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Previously reported – January 2025
Insurance rates to increase in 2025, and 2026, with Cape Fear beach communities among hardest hit
Insurance Commissioner Mike Causey announced today that the N.C. Department of Insurance has ended its legal dispute with insurance companies about their proposed homeowners’ insurance rate increase filed in January 2024. The N.C. Rate Bureau originally requested an average 42.2% increase last year, with proposed increases of up to 99.4% in the beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender Counties. Under the agreement signed by Commissioner Causey and the Rate Bureau, the average statewide base rate will increase by 7.5% on June 1, 2025, and 7.5% on June 1, 2026. The beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender Counties will see a 16% increase on June 1, 2025, and a 15.9% increase on June 1, 2026. Eastern Coastal areas of Brunswick, Carteret, New Hanover, Onslow & Pender Counties will see a 10.5% increase on June 1, 2025, and a 10.1% increase on June 1, 2026. “The insurance companies wanted to raise our homeowners’ rates up to 99.4% in some areas and an average 42.2% statewide in a single year,” Commissioner Causey said. “I fought for consumers and knocked them back to 7.5% increases over two years with a maximum of 35% in any territory. We consider this settlement a big win for both homeowners and North Carolina.” The Rate Bureau is not a part of the Department of Insurance and represents homeowners’ insurance companies in North Carolina, and the agreement prohibits the Rate Bureau from undertaking an effort to increase rates again before June 1, 2027. “North Carolina homeowners will save approximately $777 million in insurance premiums over the next two years compared to what the insurance companies requested. This also protects homeowners from future base rate increase requests until June 2027,” said Commissioner Causey. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims.
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NC, home insurance companies reach deal on new premiums.
Here’s how much you’ll pay.
Homeowners’ insurance rates in North Carolina will increase by an average of about 15% over the next two years under a settlement Insurance Commissioner Mike Causey and the N.C. Rate Bureau announced Friday. The N.C. Rate Bureau, which represents more than 100 companies that write insurance policies in North Carolina, had requested an average 42.3% increase that would have started this month. In some coastal areas, the Rate Bureau was asking to nearly double rates. Setting insurance rates is a delicate balancing act, with consumer protections and the cost of premiums on one side and ensuring that companies will continue writing policies in the state on the other. During a public hearing that started in October, witnesses for Causey’s office argued that rates should be increased by a maximum of about 3% or even lowered. The hearing was the first held during Causey’s eight years in the office. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims,” Causey said in a written statement. In Durham and Wake counties, rates will increase by an average of 7.5% in each of the next two years. Orange County’s average increases will be significantly lower, with 3.4% in 2025 followed by an additional 3.2% in 2026. For homeowners in Mecklenburg County, rates will increase by 9.3% in 2025, followed by an additional 9.2% in 2026.

Generally, the settlement’s highest increases will come in places that were hit hard by Hurricane Matthew in 2016 and Hurricane Florence in 2018. Those include:

    • Beach areas from Carteret to Brunswick counties will see average 16% increases in 2025 followed by an additional 15.9% in 2026.
    • Duplin and Lenoir counties, where rates will increase by an average 13.6% in 2025, followed by an additional 13.5% in 2026.
    • Edgecombe and Wilson counties, where rates will increase by an average 11.6% in 2025, followed by an additional 11.6% in 2026.

The areas hit hard by Hurricane Helene last September are poised to see some of the lowest average increases in the state. Buncombe, Watauga and Yancey counties, for example, are all set for a 4.4% increase in 2025 followed by 4.5% in 2026. And Mitchell County’s average increase will be 0.7% in 2025 followed by 0.9% in 2026. Jarred Chappell, the Rate Bureau’s chief operating officer, indicated in a written statement that the Rate Bureau is virtually certain to call for another significant increase once the two-year period covered by the settlement ends. “It’s a step in the right direction, but the North Carolina Rate Bureau asked for a larger increase because that’s what recent claims data called for. Storms have gotten stronger and more damaging, more people are living in disaster-prone areas, inflation in the construction industry has been particularly high and reinsurance costs have exploded. All these cost drivers remain an issue,” Chappell said. Under state law, companies writing homeowners’ insurance have the option to use “consent-to-rate” to set premiums. That allows insurers to charge as much as 250% of the regulatory cap. In 2022, about 40% of the state’s homeowners’ policies were set by consent-to-rate policies, with those homeowners’ average premiums costing 47% more than the caps negotiated by Causey and the Rate Bureau. The Rate Bureau, Chappell wrote, is aiming to keep as many carriers as possible writing homeowners insurance policies in the state. Some companies have already started to pull out of disaster-prone parts of North Carolina, most notably Nationwide, which last year did not renew about 10,000 policies from Pitt and Greene counties to the Outer Banks.

Other recent negotiated increases included:

    • An average 4.8% increase in 2017 after the Rate Bureau had requested 18.7%.
    • An average 4% increase in 2018 after the Rate Bureau had requested 17.4%.
    • An average 7.9% increase in 2020 after the Rate Bureau had requested 24.5%.

In most states, insurance companies file their rate requests independently of each other. But North Carolina is one of very few states — and perhaps the only one — where a rate bureau files for requested rates and negotiates on behalf of the entire industry. Nationally, insurance companies are seeing their profits worn away by large natural disasters coming in quick succession, along with increased building costs. In 2024, there were 27 disasters that caused at least $1 billion in damage, according to the National Centers for Environmental Information. That total is the second-highest since 1980 and includes Helene, which caused an estimated $58 billion in Western North Carolina alone.
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Homeowner insurance rates set to rise significantly across the Wilmington area
The deal between state regulators and the insurance industry calls for an average 15% increase by mid-2026. But many coastal areas will see much steeper increases.
N.C. Insurance Commissioner Mike Causey recently announced his department and the state’s insurance companies had reached a legal settlement over how much the companies will be allowed to raise homeowner insurance rates over the next two years. Industry had asked for an average statewide increase of 42%, with some areas around Wilmington seeing their rates double. The settlement calls for an average of 15% over the next two years, 7.5% this year and another 7.5% next year, with areas along the N.C. coast seeing double that. Causey hailed the deal as a victory for consumers and a fair settlement for the industry, which has been hammered by a series of natural disasters on both ends of the state in recent years. “The insurance companies wanted to raise our homeowners’ rates up to 99.4% in some areas and an average 42.2% statewide in a single year,” Causey said in a statement. “I fought for consumers and knocked them back to 7.5% increases over two years with a maximum of 35% in any territory. We consider this settlement a big win for both homeowners and North Carolina.” But property owners, especially in and around Wilmington, will still have to dig deeper into their pocketbooks to pay for insurance − and industry officials have said the deal doesn’t solve the underlying problems that are driving insurance companies to seek steeper and steeper rate increases. So, is it a good deal? Let’s dig into the facts.

How did we get here?
In January 2024, the N.C. Rate Bureau, a 14-member board that represents the industry, submitted a proposal to raise homeowner insurance premiums by 42% statewide and an eyewatering 99% in beach and coastal areas around Wilmington. Since North Carolina is a regulated insurance market, industry needs to win state approval to raise rates. The proposal, after a public hearing, was swiftly and vocally rejected by N.C. Insurance Commissioner Mike Causey. The commissioner’s action triggered a judicial hearing, which started in October and wrapped up late last year. Causey then had 45 days to announce his decision.

Why such a big, proposed increase?
The N.C. Rate Bureau cited two main factors for the surprisingly large rate increase proposal. First, is the rising cost of pretty much everything, including labor and potential repairs, driven by inflation and the lingering impacts of labor and material shortages tied to the COVID-19 pandemic. The other is climate change, which is causing more frequent and widespread property destruction, particularly tied to bigger and stronger hurricanes, as the warming climate fuels more severe weather events. Damages in North Carolina tied to 2018’s Hurricane Florence, for example, were estimated to top $22 billion, with much of that hitting inland areas. Other factors that are playing a role in the proposed substantial increase include the moratorium that was put into place during the pandemic on any rate increases and the cost of reinsurance − basically insurance for the insurance companies themselves in case a large-scale disaster stretches their financial ability to respond. While a regulated market, theoretically meaning North Carolina just be ring-fenced from some of the issues hammering insurance markets in other states, notably Florida, Louisiana and California, reinsurance operates on a global scale. That means increasing costs of insurance for companies operating, say, in California due to massive wildfire payouts and exposure will be felt by companies operating in North Carolina.

What does the settlement call for?
The deal calls for an average statewide increase of 7.5% this year, effective June 1, and 7.5% next year in homeowner insurance rates. But not all parts of the state are being treated equally.

Here’s the breakdown for the Wilmington area and some other N.C. regions.

    • Beach areas in New Hanover, Brunswick and Pender: +16% this year; +15.9% in 2026; Rate bureau had sought a 99.4% increase.
    • Eastern coastal parts of New Hanover, Brunswick and Pender: +10.5% this year; +10.1% in 2026. Rate bureau had sought a 71.4% increase.
    • Western parts of New Hanover, Brunswick and Pender: +5% this year; +4.8% in 2026; Rate bureau had sought a 43% increase.
    • Beach areas on the Outer Banks: +5.1% this year; +4.8% in 2026. Rate bureau sought a 45.1% increase.
    • Duplin and Lenoir counties: +13.6% this year; +13.5% in 2026. Rate bureau had sought a 71.4% increase.
    • Wake and Durham counties: +7.5% increase; +7.5% increase in 2026. Rate bureau had sought a 39.8% increase.
    • Buncombe County (Asheville): +4.4% increase this year; +4.5% in 2026. Rate bureau had sought a 20.5% increase.

Why does the coast look like it’s getting singled out?
Like many things, rate increases lag the big disasters that prompted the industry to re-examine its exposure and business model. In an interview this fall, Causey said this rate increase request was mostly tied to the industry’s costs and payouts associated with the spate of natural disasters, including 2018’s Hurricane Florence, North Carolina saw several years ago. He added that his office is still dealing with claims tied to Florence, having recently paid one out to the University of North Carolina Wilmington (UNCW) tied to that devastating storm. “It takes years from the time a storm hits for the rates to catch up,” Causey said. That means damage from September’s unnamed storm, which dropped historic amounts of rain on parts of the Cape Fear region, and losses associated with Tropical Storm Debby and any from Hurricane Helene aren’t taken into account with this rate filing. Ditto for the devastation Helene caused in Western North Carolina and why this rate increase is heavily weighted toward the coast and Eastern N.C. With some damage estimates for Helene in the mountains pushing $60 billion, that will likely change when the rate bureau asks for its next increase.

Wait, another increase?
According to the settlement, the insurance industry can’t ask for another increase until June 2027. Causey said that is a fair compromise for all parties. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims,” he said in a statement. But industry officials made it clear that they didn’t get everything they wanted. In a statement, Jarred Chappell, chief operating officer with the rate bureau, said the approved rate increase isn’t “adequate.” “It’s a step in the right direction, but the North Carolina Rate Bureau asked for a larger increase because that’s what recent claims data called for,” he said. “Storms have gotten stronger and more damaging, more people are living in disaster-prone areas, inflation in the construction industry has been particularly high and reinsurance costs have exploded. “All these cost drivers remain an issue.” With little to forecast that any of those factors will change or even slow down in the coming years, especially with greenhouse gas emissions, the primary source of climate change, still on the rise globally, Chappell said the state and the insurance industry could find themselves at loggerheads again in just a few years. “Unfortunately, when the two years covered by this settlement are up, we will almost certainly be in a similar position, calling for a significant increase to keep the North Carolina market strong and to encourage as many carriers as possible to compete here for customers,” he said.
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Commissioner Causey negotiates settlement on Rate Bureau’s homeowners’ insurance request
Average 7.5% agreement will take effect on June 1
Insurance Commissioner Mike Causey announced today that the N.C. Department of Insurance has ended its legal dispute with insurance companies about their proposed homeowners’ insurance rate increase filed in January 2024. The N.C. Rate Bureau originally requested an average 42.2% increase last year, with proposed increases of up to 99.4% in some areas. Under the agreement signed by Commissioner Causey and the Rate Bureau, the average statewide base rate will increase by 7.5% on June 1, 2025, and 7.5% on June 1, 2026. The Rate Bureau is not a part of the Department of Insurance and represents homeowners’ insurance companies in North Carolina. “The insurance companies wanted to raise our homeowners’ rates up to 99.4% in some areas and an average 42.2% statewide in a single year,” Commissioner Causey said. “I fought for consumers and knocked them back to 7.5% increases over two years with a maximum of 35% in any territory. We consider this settlement a big win for both homeowners and North Carolina.” In addition, the agreement prohibits the Rate Bureau from undertaking an effort to increase rates again before June 1, 2027. “North Carolina homeowners will save approximately $777 million in insurance premiums over the next two years compared to what the insurance companies requested. This also protects homeowners from future base rate increase requests until June 2027,” said Commissioner Causey. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims.”

You may view the changes by territory.

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Previously reported – May 2025
Homeowners’ insurance rates going up Sunday, with some Cape Fear areas seeing a 10% spike
Homeowners in the Cape Fear should be prepared for an insurance rate spike over the weekend. On January 17, 2025, Insurance Commissioner Mike Causey announced the end of a legal dispute between the N.C. Department of Insurance and insurance companies about their proposed homeowners’ insurance rate increase filed in January 2024. The N.C. Rate Bureau originally requested an average 42.2% increase last year, with proposed increases of up to 99.4% in some areas, like the eastern coastal areas of Brunswick, New Hanover, and Pender Counties. Under the agreement signed by Commissioner Causey and the Rate Bureau, the average statewide base rate will increase by 7.5% on June 1, 2025, and 7.5% on June 1, 2026. You can see your insurance rate bump here, with those eastern coastal areas of Brunswick, New Hanover, and Pender Counties seeing an increase of 10.5%. The Rate Bureau is not a part of the Department of Insurance and represents homeowners’ insurance companies in North Carolina. “The insurance companies wanted to raise our homeowners’ rates up to 99.4% in some areas and an average 42.2% statewide in a single year,” Commissioner Causey said back in January. “I fought for consumers and knocked them back to 7.5% increases over two years with a maximum of 35% in any territory. We consider this settlement a big win for both homeowners and North Carolina.” In addition, the agreement prohibits the Rate Bureau from undertaking an effort to increase rates again before June 1, 2027. “North Carolina homeowners will save approximately $777 million in insurance premiums over the next two years compared to what the insurance companies requested. This also protects homeowners from future base rate increase requests until June 2027,” said Commissioner Causey. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims.
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Previously reported – August 2025
Brunswick and New Hanover ranked among NC’s most insurance-stressed counties
A new report on North Carolina’s home insurance ranks both New Hanover and Brunswick counties among the top five most at-risk counties in the state. A Raleigh-based independent insurance agency, Guardian Service, ranked both counties within the top five most at-risk counties in the state where high climate risk and insurance market stress are colliding. Guardian Service researchers analyzed around 90 North Carolina counties using data from a mix of federal, state and proprietary sources. The research team examined climate risk, insurance costs, historical trends and homeowner strain. The report estimates coastal counties such as Brunswick, New Hanover and Pender are expected to see some of the biggest increases in home insurance premiums in the next year.

Here’s how climate-related risks are expected to impact home insurance rates in the Cape Fear region.

New Hanover ranked first in climate and insurance pressures
Guardian Service ranked New Hanover County as the county with the most climate and insurance pressure in the state. In 16 of the studied counties, current average home insurance premium costs exceed $4,000. However, New Hanover County had the highest average cost of $6,631, the report states. Carteret and Dare counties follow suit with average insurance premium cost also above $6,000. According to the report, home insurance premium costs in New Hanover County by 2026 are expected to rise by more than $1,400, pushing the average annual cost of home insurance premiums around $8,000. Reasons for New Hanover County’s high climate and insurance vulnerability, per the report, include a 36% paid loss ratio and insurance claims averaging more than $17,000 each. Paid loss ratio is the percentage of premiums that insurance companies pay back to homeowners in claims, Guardian Service spokesperson Dayna Edens said.

Brunswick County home insurance premiums skyrocket
Brunswick County was the fourth most climate and insurance pressure-burdened counties in the report. The county also ranked fourth in having one of the highest insurance claim severity changes between 2018-2022. “Claim severity has grown by 33% statewide,” the report states. The report reveals that Brunswick County jumped from having a $7,800 average in home insurance claim in 2018 to nearly a $20,500 average in 2022. That’s a 162.4% increase in only five years – higher than both New Hanover and Pender counties. Edens said the average cost of a Brunswick County home insurance policy in 2025 is $4,813, based on a $350,000 dwelling coverage. “That figure is projected to rise to $5,865 in 2026, based on already-approved rate filings,” said Edens. From 2018-2022, the rate at which insurers chose not to renew policies decreased by 1.9% and the average rate of claims filed per policy also decreased by 4.9% since 2018, Edens said. Edens explained that the paid loss ratio in Brunswick County is 26%. “That number can reflect how much weather-related damage or other losses are occurring in the area,” Edens said.

Pender County could also see higher insurance rise
Pender County ranked 13th for climate and insurance pressure-burdened counties in the report. The county also ranked sixth in high claim severity changes from 2018-2022. The report shows Pender County had a 120.5% jump in insurance claim severity between 2018 and 2022. This hike was a nearly $10,000 swell over five years and was 0.3% higher than New Hanover County’s increase. Out of the three counties, New Hanover is expected to have the smallest bump in home insurance premium policy costs in the next year. Guardian Services anticipates the New Hanover County home insurance premium average to increase $999 by 2026.
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Previously reported – January 2025
Hearing set for proposed 68% increase in NC dwelling insurance rates
North Carolina Insurance Commissioner Mike Causey has scheduled a public hearing to review a proposed 68.3% increase in dwelling insurance rates across the state. The hearing is set for May 4, 2026, and will begin at 10 a.m. in the second-floor hearing room at the Department of Insurance, located at 3200 Beechleaf Court in Raleigh. Causey said the hearing is the next required step after the North Carolina Rate Bureau filed its proposed increases earlier this fall. “We are not in agreement with the Rate Bureau’s proposed increases,” Causey said. “It is now necessary to schedule a hearing in order to work toward a resolution that will make the most financial sense for our residents and insurance companies.” The hearing will move forward unless the Department of Insurance and the Rate Bureau reach a settlement beforehand. State law gives the insurance commissioner 45 days to issue a ruling after the hearing concludes. The Rate Bureau could then appeal the decision to the North Carolina Court of Appeals, and potentially to the state Supreme Court. The Rate Bureau filed the proposed increase on Oct. 30, requesting an average 68.3% hike in dwelling insurance rates statewide. Dwelling policies cover fire and extended coverage for non-owner-occupied properties of up to four units, including rental and investment properties. They are not the same as standard homeowners insurance policies. Under the proposal, most policyholders would see double-digit increases, though the exact impact would vary by region. The last time the Rate Bureau sought a major dwelling insurance rate increase was in July 2023, when it requested an average 50.6% increase. That filing was ultimately settled at an average 8% increase, which took effect on Nov. 1, 2024.
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Insurance rates to increase in 2025, and 2026, with Cape Fear beach communities among hardest hit
Insurance Commissioner Mike Causey announced today that the N.C. Department of Insurance has ended its legal dispute with insurance companies about their proposed homeowners’ insurance rate increase filed in January 2024. The N.C. Rate Bureau originally requested an average 42.2% increase last year, with proposed increases of up to 99.4% in the beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender Counties. Under the agreement signed by Commissioner Causey and the Rate Bureau, the average statewide base rate will increase by 7.5% on June 1, 2025, and 7.5% on June 1, 2026. The beach areas in Brunswick, Carteret, New Hanover, Onslow and Pender Counties will see a 16% increase on June 1, 2025, and a 15.9% increase on June 1, 2026. Eastern Coastal areas of Brunswick, Carteret, New Hanover, Onslow & Pender Counties will see a 10.5% increase on June 1, 2025, and a 10.1% increase on June 1, 2026. “The insurance companies wanted to raise our homeowners’ rates up to 99.4% in some areas and an average 42.2% statewide in a single year,” Commissioner Causey said. “I fought for consumers and knocked them back to 7.5% increases over two years with a maximum of 35% in any territory. We consider this settlement a big win for both homeowners and North Carolina.” The Rate Bureau is not a part of the Department of Insurance and represents homeowners’ insurance companies in North Carolina, and the agreement prohibits the Rate Bureau from undertaking an effort to increase rates again before June 1, 2027. “North Carolina homeowners will save approximately $777 million in insurance premiums over the next two years compared to what the insurance companies requested. This also protects homeowners from future base rate increase requests until June 2027,” said Commissioner Causey. “These rates are sufficient to make sure that insurance companies, who have paid out large sums due to natural disasters and face increasing reinsurance costs due to national catastrophes, have adequate funds on hand to pay claims.
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Previously reported – March 2026
NC Rate Bureau proposes nearly 70% increase on dwelling insurance policies
Living along the coast is already expensive, and now the cost could be going even higher if it’s not your primary residence. The North Carolina Rate Bureau (NCRB) is proposing an average rate increase of 68.3% for dwelling insurance policies, a move that would affect vacation homes, rental properties, and other non-primary residences across the state. North Carolina Insurance Commissioner Mike Causey said he opposed the proposal from the start. “In this case, in my view, this is excessive,” Causey said. The increase would be implemented over two years. In the first year, consumers would see a 28.5% increase, then a 30.9% increase in the second year. A $400,000 dwelling policy averages $2,071 per year. This increase would make it jump to roughly $3,479 per year. If the proposed increase were to take effect, the first hike would take effect on July 1, 2026, with the second on July 1, 2027. Causey says the biggest reason for the jump is inflation, rising claim costs, and insurance fraud cases going up. To clarify, there is a difference between dwelling insurance and homeowners’ insurance. Dwelling insurance usually covers homes that are not your primary residence.

Such policies are often purchased for the following types of properties:

      • Vacation homes
      • Vacant homes
      • Seasonal homes
      • Secondary homes
      • Rental properties
      • Older homes

When Causey was initially presented with the proposal, he says he said no. “So, what happens when you say no, you’re required to go to court,” said Causey. Because the rate bureau and Department of Insurance are separate and the power lies with the state agency, the two often reach settlements that produce significantly less extreme policy increases. A hearing is still scheduled for May 4 to work toward a resolution. However, the Department of Insurance and the NCRB can negotiate a settlement beforehand. “We’re in talks right now,” said Causey. “I can’t talk about the negotiations, but we’re hopefully to come up with something that would be favorable.” The last NCRB dwelling rate increase filing was in July 2023, requesting an average statewide 50.6% increase. A settlement was negotiated, resulting in an average 8% increase. “When you can cut more than two-thirds of what they were trying to raise, that puts money back in your pocket, and consumers can live with something reasonable,” said Causey. 

In the wake of the proposed rate increase, the North Carolina Rate Bureau released the statement below:

“By its nature, insurance tries to manage risk in a wide range of situations, so there are many different types of property insurance policies. Dwelling policies generally cover rental properties owned by landlords as well as vacation homes, as opposed to primary homes that the owner lives in.

Primary homes are covered by homeowners’ policies and will not be affected by this filing. The NC Rate Bureau reviewed data on tens of thousands of actual insurance claims from 2019 through 2023 to determine the premiums needed to cover risks and build this request. We’ve asked for a substantial increase in the dwelling rate because claim costs have increased substantially. Climate change is here, and so are the financial costs from it. The 27 separate billion-dollar disasters that hit the United States in 2024 would have been an all-time record, had it not been for the 28 billion-dollar disasters that hit in 2023. Adding to these costs: Inflation in the construction industry has far outpaced overall inflation in recent years, and some of the fastest-growing areas in North Carolina are coastal areas where storm damage is more common. Simply put, severe storm damage is becoming more common, it’s impacting more homes, and it’s more expensive to rebuild afterwards. The Rate Bureau tries to strike a balance between affordable rates, rates that cover the risks to properties, and rates that encourage a large number of insurance carriers to compete for business in North Carolina. Finally, whatever rates the Department of Insurance approves, customers should not necessarily expect their premiums to increase by that amount. Rates vary by geography, by carrier, and based on how each insurance carrier assesses an individual property’s risk. The rate-setting process we’re engaged in with the Department of Insurance caps premiums that property insurance carriers charge, but the actual premiums are set on a case-by-case basis.”
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