The North Carolina Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau concerning its proposed insurance rate increase for mobile home policies.
The rate bureau, which represents companies that write property insurance in North Carolina and is not a part of the state department of insurance, proposed an 87.5% statewide average increase for mobile home policies and an average 53.4% increase for mobile home casualty policies.
A settlement was reached for a much smaller statewide increase of 15% for mobile home policies and 10% for casualty policies.
Insurance Commissioner Mike Causey says the difference amounts to about $71 million in additional premium payments.
The increase will take effect on new and renewed policies beginning on or after Oct. 1.