A state House committee examining a fix for an underfunded coastal insurance program has rejected a bid to keep the current coverage maximum at $1.5 million per home.
The House Finance Committee on Thursday approved a complex, multi-level patch on the Beach Plan, a vital insurance provider for homes in 18 coastal counties.
The Beach Plan has promised insurance coverage to properties valued at nearly $74 billion, but its resources top out at about $2.4 billion. Beyond that, the reform bill would turn to all of the state's property owners to pay claims.
Lawmakers are considering capping how much insurers would be
assessed after a bad hurricane and shifting the remaining rebuilding costs to all North Carolina policyholders.
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