Insurance Companies Ask For Rate Hike For Next 3 Years

Increase would be up to 82.9% for some policyholders

RALEIGH – North Carolina insurance companies have filed a request with the N.C. Department of insurance to increase insurance rates for mobile home policies.

The North Carolina Rate Bureau, which represents insurance companies and is not a part of the Department of Insurance, has requested an overall state average increase of 82.9% for mobile home fire policies (MH-F) over a three-year period.  The insurance companies have requested an overall state average increase of 49.9% for mobile home casualty policies (MH-C) over a three-year period.

“The N.C. Department of Insurance has received the filing from the Rate Bureau,” Insurance Commissioner Mike Causey said. “We are in the process of reviewing the filing, according to state law.”

The MH-F increase request is 24.9% for 2024, 21.2% for 2025 and 20.9% for 2026. The MH-C increase request is 15.9% for 2024, 13.9% for 2025 and 13.5% for 2026. The Rate Bureau requests that the increases take effect on Nov. 1 of each year.

The proposed increases would affect approximately 148,000 policyholders in North Carolina.

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 insurance companies’ proposal. There are two ways to provide public comment:

  • Emailed comments should be sent by April 30 to 2024MH@ncdoi.gov
  • Written public comments should be mailed by April 30 to Kimberly Pearce, 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the Rate Bureau.

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8 COMMENTS

  1. To Hell with the insurance companies and if the insurance Commissioner approves this increase then to
    hell with him to come next election!

    • @Steve: Commissioner Causey has approved rate increases (both home and auto) every year he’s been in office, and the sheeple keep re-electing him. On average, rates have increased 9.8% EVERY YEAR he’s been in office. Just last year, he approved a 12% increase and sold it to the sheeple as a $4.3million dollar savings. If you think anything will be different this November, you’re delusional. He easily won the primary — even though hes been raising our rates for years. As long as the MAGA sheep keep voting for a party instead of a person, nothing will change. #VoteOutIncumbents #ReapWhatYouVote

      • Mr. or Mrs. to tell the truth, I did not know this. Thank you for the info and I assure you he will not get my vote and that’s a fact!

  3. This is ridiculous! My husband and I are paying for Homeowners Insurance, total replacement coverage on a 1994 double wide. Our coverage is $900 every 3 months that is $3600 a year right now with no claims in last 12 years or more! ! We cannot get it anywhere else because all other companies like Farm Bureau ( when we were with for 20 years) decided to stop volunteering vering Mobile Homes. The middle class and poor cannot keep paying these ridiculous price increases! Auto insurance is too high with perfect driving records! Postage stamps want to increase again after rate increase only 6 months ago. Now this jacked up to over 80 percent increase over next three years. We have to keep insurance but this is ridiculous!

    • Maybe you should try a different insurance company. Your only obligated is to your wallet. I shop insurance every two years and am with a highly rated insurance company @ $700 a year. It’s time to dump your insurance company.

      • I appreciate your suggestion but we have. Unfortunately since we are in Double wide mobile home, this is the only company we could find that would write replacement cost full coverage. If you do hear of any others please share. Thank you! So much!

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