The North Carolina Department of Insurance has filed a request with the North Carolina Department of Insurance to increase rates for mobile home insurance over the next two years. The largest rate increase in the state, again along the coast.
The NCRB, which represents insurance companies and is not part of the NC Insurance Department, has called for a gradual implementation of rate hikes for new and renewed policies beginning July 1, 2023 and July 1, 2024. doing.
The district covering Dare, Currituck, and Hyde counties (District 1) requires 63.6% of mobile home fire insurance in both 2023 and 2024, while mobile home accident insurance claims 38.8% in 2023. %, increased by 38.9%. 2024.
In the remaining landlocked counties in Northeast North Carolina (Territory 2), the 2023 and 2024 MH-F policy increases will be 37.9%. following year.
The request comes after the NCRB and Insurance Commissioner Mike Cosey reached a settlement over charges that went into effect last year.
25% for Dare, Curritak and Hyde and 17.5% for MH-F.
The 2021 settlement increased the MH-C policy by 14.8% in Dare, Currituck and Hyde and by 6.3% elsewhere.
Both the MH-F and MH-C programs cover property and liability. Unlike standard homeowner programs, both MH-F and MH-C programs include flood coverage. The two programs are similar. However, the MH-F program covers a wider range of hazards.
The public will have the opportunity to comment on the NCRB’s proposals. To provide public comment, he has two methods:
- Public comments by email must be sent to NCDOI.2022MH@ncdoi.gov by November 18th.
- Written public comments will be mailed to Mary Faulkner for receipt by November 18, 1201 Mail Service Center, Raleigh, NC 27699-1201.
All public comments will be shared with NCRB.