If you own a rental house in Elkin, Mount Airy, Jonesville, or Wilkesboro, the date to watch is the effective date on your policy—not the day you open the envelope. The signed order applies to new and renewal dwelling policies becoming effective on or after October 1, 2026.
The new premium will probably be the first number your eyes find. Give the rest of the renewal a turn. A small change in a deductible or missing rental-income protection can matter more than the headline percentage when a loss happens.
What changed on October 1, 2026?
The North Carolina Rate Bureau originally proposed a 68.3% overall statewide increase over two years. The final signed settlement did not approve that request as filed. It approved a 5.0% overall statewide rate-level increase for Year 1 and another 5.0% for Year 2, with the changes distributed by coverage, class, and territory. See public filing NCRI-134704186 and its executed settlement attachment.
| Effective date | Approved statewide average | Applies to |
|---|---|---|
| October 1, 2026 | +5.0% over current dwelling rates | New and renewal dwelling policies effective on or after this date |
| October 1, 2027 | +5.0% over dwelling rates in effect September 30, 2027 | New and renewal dwelling policies effective on or after this date |
First, check whether you have a dwelling policy
The North Carolina Department of Insurance says dwelling fire policies may be used for rental, vacation, vacant, seasonal, secondary, and some older homes. They are typically used when the property is not the owner's primary residence. Read NCDOI's dwelling-policy guide.
Look at the policy title and declarations page. You may see “Dwelling,” “Dwelling Fire,” or a form name such as DP-1, DP-2, or DP-3. If the paperwork instead says Homeowners, Commercial Package, Businessowners, or another program, do not assume this particular settlement controls that policy. Ask your agent to identify the form and rating program.
Why your renewal may not change by exactly 5%
A statewide rate level combines many policies. The signed order separates fire and extended-coverage components and applies different approved changes across coverage, class, and territory. Your final premium can also move if the dwelling limit, deductible, construction details, occupancy, optional coverage, credits, fees, or other rating information changes.
When the renewal arrives, compare the old and new declarations pages line by line. If the total changed by more or less than 5%, ask which inputs changed. That question is more useful than arguing with the statewide average.
Five items every rental-property owner should review
| Check | Why it matters | Question to ask |
|---|---|---|
| Policy type and occupancy | The form should match how the property is used. | Is this rated as a tenant-occupied dwelling, and is the occupancy information current? |
| Dwelling limit | The limit and the estimated cost to rebuild are not the same thing as the property's sale price. | What information was used to set the dwelling limit, and does it reflect current construction costs and property features? |
| Deductibles | A higher deductible lowers what the insurer pays on an otherwise covered claim by increasing your share. | Which deductible applies to wind, hail, fire, water, or another covered loss, and what is that amount in dollars? |
| Fair rental value or loss of rents | Some dwelling forms may include rental-income protection, but the declarations and policy wording control the amount and conditions. | What rental-income protection is included, what limit applies, and when does it stop paying? |
| Liability | NCDOI notes that dwelling policies typically do not provide liability the way some homeowners forms do. | Is premises liability included, added by endorsement, or written on a separate policy? |
- Bring the current declarations page and the renewal declarations page.
- Write down property updates, roof work, occupancy changes, and new detached structures.
- Have the current monthly rent available when discussing rental-income protection.
- Ask for a dollar explanation of every deductible—not only a percentage.
- Request the form or endorsement that answers a coverage question.
A useful next step for local landlords
If your Elkin, Mount Airy, Jonesville, or Wilkesboro rental renews on or after October 1, place the old and new declarations pages beside each other. Circle the premium, dwelling limit, deductibles, fair rental value or loss-of-rents limit, and liability section. Then ask your agent to explain every change using the actual policy.
Do not cut coverage simply to force the price back to last year's number. First understand what you would be giving up and what you could afford to pay yourself after a loss. A good review ends with a written list of what changed, what stayed the same, and what still needs an answer.
A few more questions
Will every North Carolina landlord's premium rise exactly 5%?
No. Five percent is the approved overall statewide rate-level average. The settlement distributes changes by coverage, class, and territory. Property and policy details can also change the final premium.
Does the change apply to every homeowners policy on October 1?
No. This settlement concerns dwelling insurance. Check the policy title and declarations page or ask your agent to identify the form and rating program.
Does an existing policy change in the middle of its term on October 1?
The signed order applies to new and renewal dwelling policies becoming effective on or after October 1, 2026. Check your policy's effective date and renewal documents rather than assuming the calendar date changes an existing term.
Do two 5% increases equal 10%?
Not when the second increase is applied to the already increased amount. On the same starting rate basis, $1,000 becomes $1,050 and then $1,102.50, which is 10.25% above the start. A real premium may change differently.
Sources and further reading
- NCDOI: Commissioner Causey negotiates dwelling rate settlement — Official announcement confirming the 5% statewide average increases effective October 1, 2026 and October 1, 2027.
- North Carolina SERFF Filing Access — NCRI-134704186 — Official public filing record. The executed Settlement Agreement and Consent Order, Docket No. 2336, supports the effective dates, statewide averages, scope, and variation by coverage, class, and territory.
- North Carolina Department of Insurance — Form and Rate Filings — Official NCDOI entry point to property-and-casualty filing records.
- North Carolina Department of Insurance — Dwelling Policies — Consumer guidance on common dwelling-policy uses, DP forms, rental-income-related coverage, liability, and policy review.