North Carolina DOI Reaches Settlement on Mobile Home Rate Hikes

The North Carolina Department of Insurance settled a months-long disagreement with the state’s rating bureau over mobile home insurance rates, resulting in an increase of about half of what insurers wished.

Commissioner Mike Causey

Insurance Commissioner Mike Causey announced this week that the overall statewide average increase would be 12.5% ​​for mobile home fire policies and 4.7% for mobile home fire policies. damage insurance policies. The North Carolina Rate Bureau in February recommended a 24.9% increase for mobile home fire insurance and an 11.3% increase for damage coverage.

This sparked months of negotiations between the office and the ministry, and hearings on the matter have been rescheduled. A Jan. 18 hearing has now been canceled, the department said in a bulletin. The increase will take effect after May 1, 2022, for new and renewed policies.

A similar dispute over home insurance rates is still brewing. The DOI said earlier this month that a hearing set for November 1 was again postponed to January 3. .

The increase recommended by the office follows that of 2018, in which the office requested a statewide average increase of 17.4%, but then settled for a 4% increase. .

In April of this year, the bureau had proposed an average increase of 18.7% in home insurance, for rental and investment properties, but had settled for a 7.6% increase after negotiating with the Department.

If both parties cannot come to a compromise on home insurance rates, the hearing on the latest proposed increase will be held Jan. 3 at 10 a.m. in the Albemarle Building, 325 N. Salisbury St., Raleigh.

Subjects
North Carolina Price Trends

Interested in Price trends?

Receive automatic alerts for this topic.

Source link