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North Carolina Commissioner Settles Mobile Home Rate Increase at 11%

April 2, 2025

North Carolina Insurance Mike Causey said Tuesday that he had negotiated a lower average rate increase for mobile home policies than the North Carolina Rate Bureau had asked for.

“I am happy to announce that North Carolina mobile homeowners will save more than $10 million a year in premium payments compared to what the insurance companies requested,” Causey said in a bulletin. “I am also glad the Department of Insurance and insurance companies have avoided a lengthy, expensive administrative legal battle.”

The Rate Bureau, representing insurance companies and using insurers’ data, a year ago had urged an 83% average increase mobile home-fire (MH-F) policies over three years (about 22% percent per year) and a 50% rise in mobile home-casualty (MH-C) rates (about 14% per year).

Causey balked at those levels and eventually settled the differences at 11% per year for the next two years for MH-F rates and 8% per year for two years for MH-C policies. The settlement came just days before a public hearing was scheduled on the proposed increase.

MH-F policies generally cover a greater range of perils, and both types of policies include flood coverage, Causey explained. Altogether, about 148,000 policyholders will be affected by the new rates, the Department of Insurance said.

Meanwhile, the department has scheduled a hearing on the Rate Bureau’s request for a 23% average increase in automobile insurance rates. If a compromise is not reached before then, the hearing will be held Sept. 22.

In January, Causey reached a 15% average rate increase on homeowners’ policies, less than the 42% that the Rate Bureau had requested.

Topics Trends Pricing Trends North Carolina

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