RALEIGH, NC (WECT) – The North Carolina Bureau of Rates has filed a request with the NC Department of Insurance to increase insurance rates on mobile home policies.
According to a report from the North Carolina Department of Insurance, the NCRB requested an overall statewide average increase of 87.5% for MH-F (Fire) policies and an overall statewide average of 53.4% for MH-C (Casualty) policies. The NCRB requires these increases to be implemented in two phases: a 23.2% increase from 2023; on July 1, and 24.5% from 2024. July 1 and 33.0% effective in 2024. July 1, for MH(C) policies.
Both the MH-F and MH-C programs provide property and liability coverage, including flood coverage. However, the MH-F program covers a wider range of circumstances.
The public can comment on NCRB’s proposal until November 18 by sending public comments via email. by mail here or by sending written comments to Mary Faulkner, 1201 Mail Service Center, Raleigh, NC 27699-1201.
All public comments will be shared with NCRB.
Copyright 2022 WECT. All rights reserved.