Mobile homeowners along the coast will see a big jump in their insurance rates, but not nearly the increase the North Carolina Rate Bureau wanted.
The bureau, which represents property and casualty insurance companies in our state, asked the insurance commisisoner for 228 percent and 260 percent increases for coastal residents.
That didn't happen, but an increase is still on tap.
For Form MH(C) policies, the rate will go up 24.4 percent in 18 coastal counties. An increase of 2.9 percent will impact mobile homeowners in other locations.
According to the Rate Bureau, $77 million in premiums were collected for this type of policy in 2006.
For Form MH(F) policies, the rate will go up 25 percent, with no change in rates elsewhere.
According to the Rate Bureau, $44 million in premiums were collected for this type of policy in 2006.
This was the first mobile homeowners rate case in our state in 26 years. The rates go into effect December 1.