The North Carolina Rate Bureau is requesting an average 87.5% increase in insurance rates for mobile home fire policies over the next two years, and a 53.4% increase in casualty policies.
The rate requests may seem large, but they are not unheard of and, historically, the state Department of Insurance has negotiated with the rate bureau for lower final rates. Earlier this year, the bureau recommended mobile home rate increases of 25%, but Insurance Commissioner Mike Causey negotiated that down to 11.3%.
The department said in a news release this week that, unlike most homeowners and other property insurance policies, the MH-F and MH-C programs include flood coverage.
The filing comes a month after Hurricane Ian caused little damage in coastal North Carolina, but is still expected to lead to higher property insurance rates in the state in the next year or so, according to news reports.
Stakeholders can submit comments on the proposed mobile home rates by emailing NCDOI.2022MH@ncdoi.gov by Nov. 18. The rate bureau’s data for the fire policy rates can be seen . The filing on mobile home casualty policies is .
Topics Pricing Trends North Carolina
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