NC Rate Bureau issues request to increase insurance rates for mobile home policies

NC Rate Bureau issues request to increase insurance rates for mobile home policies
NC Rate Bureau issues request to increase insurance rates for mobile home policies

RALEIGH — The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to raise insurance rates for mobile home policies.

The NCRB, which represents insurance companies and is not part of the North Carolina Department of Insurance, requested an overall average increase of 87.5% for MH-F (fire) policies and an overall average increase 53.4% ​​for MH-C. fonts (accidental). The NCRB is calling for these increases to occur in two phases, with a 23.2% increase from July 1, 2023 and a 24.5% increase from July 1, 2024 for MH(F) policies and an increase 31.5% from July 1, 2023, and 33.0% from July 1, 2024 for MH(C) policies.

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 by 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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USA

. Rate office issues a request increase rates insurance for policies homes mobiles

. Rate Bureau issues request increase insurance rates mobile home policies

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