The North Carolina Rate Bureau has requested an 83% average rate increase for mobile home fire policies and a 50% jump for mobile home casualty policies over the next three years.
The MH-F increase request is 24.9% for 2024, 21.2% for 2025 and 20.9% for 2026. The MH-C increase request is 15.9% for 2024, 13.9% for 2025 and 13.5% for 2026, the state Department of Insurance said in a bulletin.
The proposed increases would affect approximately 148,000 policyholders and would take effect on Nov. 1 of each year.
Insurance Commissioner Mike Causey said he is reviewing the filing. Public comments will be accepted through April 30 and can be emailed to 2024MH@ncdoi.gov.
In most cases, the commissioner negotiates with the Rate Bureau and lands on a much lower final increase in rates.
In 2022, the bureau, basing its filing on data from most insurers in the state, requested an 88% increase for mobile home fire policy rates and a 53.4% increase in casualty policy rates over two years. Those were eventually negotiated and reduced to 15% increases.
Topics North Carolina
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