North Carolina Insurance Commissioner Jim Long reached an agreement with insurance companies that want to charge more for mobile homeowner’s insurance.
This is the first mobile homeowners rate case in 26 years, Long said.
The North Carolina Rate Bureau, which represents all property and casualty insurance companies in the state, made the filing in May, when they asked for a combined 23.9 percent increase for mobile homeowners policies.
The filing refers to two types of policies used by insurers — form MH(F) and form MH(C). Insurance companies typically pick one form or the other and write all of their business using just that one form, according to Long.
For form MH(C), the Rate Bureau asked for a 228 percent increase in the 18 coastal counties and a 10.7 percent increase for the rest of the state. Commissioner Long granted a 24.4 percent increase on the coast and a 2.9 percent increase elsewhere.
The Bureau reported $77 million in premiums collected for form MH(C) in 2006.
For form MH(F), the Rate Bureau asked for a 260 percent increase in the 18 coastal counties and a 2.9 percent increase for the rest of the state. Commissioner Long granted a 25 percent increase on the coast and no change in rates elsewhere.
The Bureau reported $44 million in premiums collected for form MH(F) in 2006.
These rates will go into Dec. 1. The Department estimates mobile homeowners will save a potential $25 million in premiums over the high rates originally requested.
Source: North Carolina Department of Insurance
Topics North Carolina Homeowners
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