The North Carolina Rate Bureau has filed a request with the N.C. Department of Insurance to increase insurance rates for mobile home policies.
North Carolina Insurance Commissioner Mike Causey has set April 17, 2023, as the hearing date for the North Carolina Rate Bureau’s proposed 42.6% dwelling insurance rate increase.
“We are not in agreement with the Rate Bureau’s proposed increases filed August 18, 2022. The next step, according to statute, is to set a hearing date,” said Commissioner Causey. “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.”
The North Carolina Department of Insurance received a dwelling insurance rate filing from the North Carolina Rate Bureau on Thursday, Aug.18. The Rate Bureau is seeking a statewide average increase of 42.6%, requesting 19.6% effective April 1, 2023, and a 19.2% increase effective April 1, 2024.
North Carolina Insurance Commissioner Mike Causey is reminding homeowners that insurance rate changes will take effect on June 1, 2022. Consumers will likely see the rate increase on policies that are taken out or renewed on or after today.
North Carolina Insurance Commissioner Mike Causey, who also serves as the State Fire Marshal, will announce new insurance ratings at two Raleigh fire departments this week.
On Tuesday morning, Commissioner Causey will unveil the new fire rating for the Durham Highway Fire Department, and he will visit the Western Wake Fire Department to present its fire rating on Wednesday afternoon.
Insurance Commissioner Mike Causey announced today that the N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposed 24.5% homeowners insurance rate increase, averting a potentially costly administrative battle with insurance companies. Commissioner Causey and the Rate Bureau settled on an average 7.9% statewide increase, which is a 16.6% lower rate than the Rate Bureau requested. This means the hearing scheduled for Jan. 3, 2022, is canceled.
The N.C. Department of Insurance has settled its legal dispute with the N.C. Rate Bureau over mobile homeowners’ insurance rates, saving policyholders millions of dollars in premiums compared to what had been proposed by the insurance industry.
North Carolina Insurance Commissioner Mike Causey has postponed the hearing for the insurance industry’s proposed statewide average 24.5% homeowners’ insurance rate increase to Jan. 3, 2022. The hearing had been scheduled for Monday, Nov. 1.
The hearing will begin at 10 a.m. in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.