The North Carolina Department of Insurance has released a statement to describe the request from the industry.
The N.C. Department of Insurance (NCDOI) has now received a rate filing for homeowners insurance rates from the N.C. Rate Bureau, which is an entity that is not a part of the department, and which represents all insurers in the state that sell coverage for mobile homes.
There are two different types of mobile home insurance that are offered in North Carolina.
The first is through the MH(C) form, and the second is with the MH(F) form. Those two forms for homeowners insurance for mobile homes are quite similar, except that the latter offers a coverage for a longer list of different types of perils. The rate change that was requested by the bureau would bring about a decrease of 0.8 percent, statewide, for the MH(C) form. That said, for the MH(F) form, the news isn’t quite as appealing for mobile home residents, as it involves a request for an increase of 20.5 percent.
Should the homeowners insurance rate change go through, it would become effective as of August 1.
The team of experts at the Department of Insurance will be reviewing the rate filing in order to decide if there will be changes. These individuals will come to the conclusion with regards to the question of what – if any at all – insurance rate adjustments are justified.
If the NCDOI and the Rate Bureau are not able to come to an agreement when it comes to the changes in the motor home insurance rate changes, then the state commissioner, Wayne Goodwin, may decide to call a public hearing. That will afford both sides the opportunity to present their arguments in favor of or against the changes in rates.
The outcome of that public hearing will help to decide whether or not the changes in the homeowners insurance rates for coverage for motor homes will move forward to any degree. It will assist in the decision making for no changes, partial changes, or complete alterations to the full degree that has been requested in the filings.