STATE: Insurance companies ask for rate hike for next three years

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
  • 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.