Every North Carolina property owner could be tagged with part of the cost of rebuilding insured coastal property after a major hurricane if a deal taking shape in the Legislature is approved.
Lawmakers this week could unveil a bill to fix the underfunded property insurance program called the Beach Plan. A copy of the proposed legislation was provided to The Associated Press on Monday.
The bill would allow every residential and commercial property insurance premium to rise by up to 10 percent to pay the Beach
Plan's claims after a massive hurricane or a tough storm season.
Less than two months ago, coastal residents were hit with insurance
premium increases of up to 30 percent.
Hurricane season started three weeks ago.