NC INS Mobile Home Rate Settlement

Published on: Apr 4, 2025

On Apr. 1, NC INS negotiated settlement canceled scheduled hearing.

  • NC INS ended its legal dispute with NC Rate Bureau over Rate Bureau’s proposed rate increase for mobile home fire (MH-F) polices, mobile home casualty (MH-C) policies.
  • Follows NC INS settled dispute re homeowners' insurance request, see #240979.
  • Highlights
  • Settlement calls for Statewide average increase of 11% per year over the next 2 for MH-F and statewide average increase of 8% for MH-C per year over the next 2 years.
  • Increases are significantly smaller than those requested by the NC Rate Bureau.
  • Effectiveness
  • First increases effective on new, renewed policies beginning on or after Sep. 1, 2025.
  • The second set of rate increases will become effective on Aug. 31, 2026.
  • Agreement prevents insurance companies from seeking increase before Sep. 1, 2027.
Regulators
NC INS
Entity Types
IB; Ins
Reference
PR, 4/1/2025
Functions
Actuarial and Valuation; Claims/Accelerated Benefits; Compliance; Financial; Product Administration; Underwriting
Countries
United States of America
Category
State
N/A
Products
Home Insurance; Insurance; Insurance-Casualty; Insurance-Property
Rule Type
Final
Regions
Am
Rule Date
Apr 1, 2025
Effective Date
Sep 1, 2025
Rule ID
249220
Linked to
Reg. Last Update
Apr 1, 2025
Report Section
US Insurance