The tariffs for motorhome insurance for Nordkaroliners shall be elevated in 2022 – WWAY NewsChannel 3

Mobile homes (Photo: WWAY)

NORTH CAROLINA (WWAY) – The North Carolina Department of Insurance says it has settled its lawsuit with the NC Rate Bureau over insurance rates for RV owners.

"While no increase in premiums is good news for consumers, I'm glad we were able to negotiate a deal that will save consumers more than $ 10 million in premium payments a year compared to the Rate Bureau's original request." said Insurance Commissioner Mike Causey. "I'm also glad the Ministry of Insurance avoided a lengthy administrative litigation that could have cost consumers money."

On February 26, the Rate Bureau, which represents companies that write property insurance in North Carolina that are not part of the NC Department of Insurance, proposed a statewide average increase of 24.9% for MH-F (Fire) policies and a statewide total increase ago an average of 11.3% increase for MH-C (accident) policies.

The comparison resulted in a much smaller nationwide increase of 12.5% ​​for MH-F and 4.7% for MH-C.

Unlike the standard homeowner programs, both MH-F and MH-C programs include flood coverage. The two motor home insurance programs are similar. However, the MH-F program covers a wider range of hazards.

The settlement means that a hearing on the dispute scheduled for January 18, 2022 has been canceled.

The increase applies to new and renewed policies starting on or after May 1, 2022.

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