The N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposed insurance rate increase for Mobile Home – F (MH-F) policies and Mobile Home -Casualty (MH-C) policies, averting a potentially costly administrative battle with insurance companies.
On Oct. 31, 2022, the Rate Bureau, which represents companies writing property insurance in North Carolina and is not a part of the N.C. Department of Insurance, proposed an overall statewide average of 87.5% increase for MH-F policies and an overall statewide average of 53.4% increase for MH-C policies.
After studying the data, Commissioner Causey negotiated a settlement for a much smaller rate of an overall statewide increase of 15% for MH-F and 10 % for MH-C. This means the hearing scheduled for Sept. 18 is canceled.
“I am happy to announce that North Carolina Mobile Homeowners will save over $71 million in premium payments compared to what the NCRB had requested,” Commissioner Causey said. “I am also glad the Department of Insurance has avoided a lengthy administrative legal battle which could have cost consumers time and money.”
The increase will take effect on new and renewed policies beginning on or after Oct. 1.