Insurance companies seek massive rate increase for mobile homes in northeastern North Carolina, Outer Banks

November 3, 2022 | Real Estate | By: Sam Walker | From The: WOBX

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

The NCRB, which represents insurance companies and is not a part of the N.C. Department of Insurance, has requested the rate hikes take affect in stages for new and renewing polices starting July 1, 2023 and July 1, 2024.

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

For the rest of interior counties in northeastern North Carolina (Territory 2), the hikes would be 37.9 percent for MH-F policies in 2023 and 2024. MH-C policies would go up 22.9 percent in July 2023, followed by increases of 23 percent the following 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 of a
25 percent in Dare, Currituck and Hyde and 17.5 percent for MH-F polices.

The 2021 settlement led to MH-C polices increasing 14.8 percent in Dare, Currituck and Hyde, and 6.3 percent for the rest of the region.

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.

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