North Carolina insurance companies have filed a request with state regulators to increase insurance rates for mobile home policies by double-digit rates over the next three years.

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

The insurance companies have requested an overall state average increase of 49.9% for mobile home casualty policies over a three-year period.

“We are in the process of reviewing the filing, according to state law,” said Insurance Commissioner Mike Causey in a statement.

The fire policy increase request is 24.9% for 2024, 21.2% for 2025 and 20.9% for 2026. The casualty coverage 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.

In October 2022, the insurance industry proposed an overall 87.5% increase for fire policies and an overall 53.4% increase for casualty policies. Causey negotiated a settlement for an increase of 15% for fire coverage and 10% for casualty coverage.

Unlike standard homeowners’ programs, both the fire and casualty programs include flood coverage. The two programs are similar. However, the fire 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.