North Carolina Insurers Request Increases on Mobile Home Policy Rates

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

The NCRB, which represents insurance companies and is not a part of NCDOI, has requested an overall statewide average of 24.9% increase for MH-F (Fire) policies and an overall statewide average of 11.3% increase for MH-C (Casualty) policies. 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 requested effective date for the increase is Nov. 1, 2021.

According to the MH-C filing and MH-F filing, the proposed revisions are based on the combined premium and loss experiences of all licensed companies writing mobile fire and casualty insurance in North Carolina, except where noted. The rate indication and rating plan analyses included in the filings were performed using data for calendar/accident years 2015 through 2019 provided by all member companies writing the mobile home fire and casualty insurance in North Carolina.

NCDOI said public comments are now open on the NCRB proposal. Emailed public comments should be sent by April 16, 2021, to: 2021MH@ncdoi.gov. Written public comments should be mailed to Sharron Lewis, to be received by April 16, 2021, and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the NCRB.

Source: North Carolina Department of Insurance