Rate Bureau issues insurance rate increase request for mobile home policies

The North Carolina Rate Bureau has filed a request with the N.C. Department of Insurance to increase insurance rates for mobile home policies.

The NCRB, which represents insurance companies and is not a part of the N.C. Department of Insurance, has requested an overall statewide average of 87.5% increase for MH-F (fire) policies and an overall statewide average increase of 53.4% for MH-C (casualty) policies.

The NCRB is requesting these increases occur in two phases, with a 23.2% increase effective July 1, 2023, and a 24.5% increase effective July 1, 2024, for MH(F) policies and a 31.5% increase effective July 1, 2023, and a 33.0% effective July 1, 2024, for MH(C) policies.

Both MH-F and MH-C programs provide property and liability coverage.

Unlike standard homeowners' programs, both the MH-F and MH-C programs include flood coverage. The two programs are similar; however, the MH-F program provides coverage for a broader range of perils.

The public will have an opportunity to comment on the NCRB proposal. There are two ways to provide public comment:

Emailed public comments should be sent by Nov. 18 to NCDOI.2022MH@ncdoi.gov.

Written public comments should be mailed to Mary Faulkner, to be received by Nov. 18 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the NCRB.