Insurance Companies Seek Massive Increase in Mobile Home Rates in Northeast NC, Outer Banks

The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to increase insurance rates for mobile home policies over the next two years, with the largest state rate increases in again along the coastal areas.

The NCRB, which represents insurance companies and is not part of the North Carolina Department of Insurance, called for rate increases to take effect in stages for new policies and renewals starting July 1, 2023 and from July 1, 2024.

In the territory covering Dare, Currituck and Hyde counties (Territory 1), demand is 63.6% for Mobile Home-Fire policies in 2023 and 2024, while Mobile Home-Casualty policies would increase by 38.8 % in 2023 and 38.9%. in 2024.

For the rest of North Carolina interior counties (Territory 2), increases would be 37.9% for MH-F policies in 2023 and 2024. MH-C policies would increase by 22 .9% in July 2023, followed by increases of 23%. the next year.

NC insurance territories for mobile homes have Dare, Currituck, and Hyde counties in Territory 1, and much of the rest of Northeastern NC in Territory 2

The request comes after the NCRB and Insurance Commissioner Mike Causey reached a settlement for rates that went into effect last year from a
25% at Dare, Currituck and Hyde and 17.5% for MH-F fonts.

The 2021 settlement led to an increase in MH-C policies of 14.8% in Dare, Currituck and Hyde, and 6.3% for the rest of the region.

The MH-F and MH-C programs provide property and liability coverage. Unlike standard homeowner programs, the MH-F and MH-C programs include flood coverage. Both programs are similar. However, the MH-F program provides coverage for a wider range of risks.

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

  • Public comments via email should be sent by November 18 to: [email protected]
  • Written public comments should be mailed to Mary Faulkner, to be received by November 18 and addressed to 1201 Mail Service Center, Raleigh, NC 27699-1201.

All public comments will be shared with the NCRB.

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