Topics Related to Insurance Rates

North Carolina Insurance companies have filed a request with the N.C. Department of insurance to increase insurance rates for mobile home policies.

The North Carolina Rate Bureau, which represents insurance companies and is not a part of the Department of Insurance, has requested an overall state average increase of 82.9% for mobile home fire policies (MH-F) over a three-year period.  The insurance companies have requested an overall state average increase of 49.9% for mobile home casualty policies (MH-C) over a three-year period.

North Carolina Insurance Commissioner Mike Causey has continued the hearing for the insurance industry’s proposed statewide average 50.6% dwelling insurance rate increase to July 22. The hearing had been scheduled for Monday, April 8.

The hearing will begin at 10 a.m. in the N.C. Department of Insurance’s Hearing Room located on the 2nd Floor, 3200 Beechleaf Court, Raleigh.

North Carolina Insurance Commissioner Mike Causey today said “No” to the insurance companies’ average 42.2% proposed increase in homeowners’ insurance rates. 

North Carolina Commissioner of Insurance Mike Causey has issued the following statement to clear up any confusion regarding the recent filing made by insurance companies:

“Many North Carolina citizens have already told me how worried they are about the recent filing made by the N.C. Rate Bureau requesting an increase to homeowners’ insurance rates, and they’ve got good reason to be concerned. An average increase of 42% statewide, and as high as 99% for homes on the coast is a lot.  

Insurance Commissioner Mike Causey made a broadcast quality video to address questions regarding the North Carolina Rate Bureau's request for a statewide average increase of 42.2% in homeowners' insurance rates. He also explains the many ways in which the North Carolina Department of Insurance is working to save and recover money for North Carolina consumers.

To view and download the video featuring Commissioner Causey, visit: https://ncdoi.sharefile.com/d-s5c733a53111e4cf68ff490ff5bd0f737
 

North Carolina Insurance Commissioner Mike Causey has set April 8, 2024 as the hearing date for the North Carolina Rate Bureau’s proposed 50.6% dwelling insurance rate increase. 

“We are not in agreement with the Rate Bureau’s proposed increases filed July 13, 2023,” said Commissioner Causey. “The next step, according to statute, is to set a hearing date. It is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

North Carolina Insurance Commissioner Mike Causey is reminding customers of Friday Health Plans of North Carolina, Inc. (FHP-NC) that they have until the end of the day on Thursday, Aug. 31 to choose a new health insurance plan.

This month, as nearly 1.5 million students return to classrooms across North Carolina, Insurance Commissioner Mike Causey, who also serves as Chair of Safe Kids N.C., is reminding everyone to keep safety in mind when walking, driving, or riding the bus to school.

As students return to classrooms across North Carolina, there will be a higher concentration of commuters-especially children-who travel by bus, motor vehicle, bicycle or walk along the roadways. As a result, state leaders and law enforcement are encouraging motorists to brush up on the school bus safety law to keep students safe, avoid accidents and avert insurance penalties. 

Insurance Commissioner Mike Causey today announced a settlement with the N.C. Rate Bureau on automobile insurance rates. The settlement is about two-thirds less than the insurance companies had requested.