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.
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