Tuesday, November 1, 2022

Rate Bureau issues insurance rate increase request for mobile home policies Public urged to provide feedback to request by Nov. 18

Nov 1, 2022

The North Carolina Rate Bureau has filed a request with the N.C. Department of Insurance to increase insurance rates for mobile home policies.

The NCRB, which represents insurance companies and is not a part of the N.C. Department of Insurance, has requested an overall statewide average of 87.5% increase for MH-F (fire) policies and an overall statewide average increase of 53.4% for MH-C (casualty) policies. The NCRB is requesting these increases occur in two phases, with a 23.2% increase effective July 1, 2023, and a 24.5% increase effective July 1, 2024, for MH(F) policies and a 31.5% increase effective July 1, 2023, and a 33.0% effective July 1, 2024, for MH(C) policies.

Both MH-F and MH-C programs provide property and liability coverage. Unlike standard homeowners’ programs, both the MH-F and MH-C programs include flood coverage. The two programs are similar. However, the MH-F program provides coverage for a broader range of perils. 

The public will have an opportunity to comment on the NCRB proposal. There are two ways to provide public comment:

  • Emailed public comments should be sent by Nov. 18 to: NCDOI.2022MH@ncdoi.gov.                
  • Written public comments should be mailed to Mary Faulkner, to be received by Nov. 18 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the NCRB.

Related Topics: