GREENSBORO, N.C. — Sometimes the word NO is exactly what you want to hear. Consumers in North Carolina are probably very happy to hear the NC Insurance Commissioner has said no to both proposed rate increases for homeowners insurance and mobile home insurance.
Mike Causey denied the proposed 42% rate increase for homeowner's insurance earlier this year. Now a court hearing on the rates is scheduled for October 7, 2024. This week, Causey also said no to the rate increase proposed for mobile home insurance.
"It was not approved. so now we're looking at a court date. This is a long process and it will take a long while for it to play out," said Mike Causey, NC Insurance Commissioner.
The North Carolina Rate Bureau, which represents the insurance companies, asked for an overall state average increase of 82.9% for mobile home fire policies over three years and an overall state average increase of 49.9% for mobile home casualty policies over three years.
The court date for a hearing on the mobile home rates is April 7, 2025.
"I've been working at the dept of insurance for seven years and every rate ask he has said no. They usually end up getting a fraction of what they request," said Barry Smith, NC Dept of INsurance, Deputy Director of Communications.
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