NCDOI: Mobile homeowners could soon battle insurance rate hikes after request from NC Rate Bureau
GREENVILLE, N.C. (WITN) -Concern about insurance rate hikes has been high for homeowners in our state since the new year began and now, people who live in mobile homes may soon be dealing with the same headache, potentially impacting about 148,000 policyholders in the state.
The North Carolina Department of Insurance says it received a file request from the NC Rate Bureau to increase insurance rates for mobile home policies Thursday morning.
The Rate Bureau, which represents insurance companies but is not a part of the Department of Insurance, has requested an overall state average increase of 82.9% for mobile home fire policies over a three-year period.
Despite the concern a request like this may cause for mobile homeowners, the Department of Insurance believes people shouldn’t worry.
“When people see these numbers, they should know what the process is,” said NCDOI Communications Director, Jason Tyson. “Typically, what the process is that the settlement is for a much lower rate than what’s requested.”
The Rate Bureau also requested an overall state average increase of 49.9% for mobile home casualty policies for the next three years.
The Department of Insurance say they along with Commissioner Mike Causey, will soon discuss the request with the Rate Bureau.
The Department of Insurance also says they will be accepting public comment from people about the request.
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
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