Beach Plan Compromise To Be Unveiled Today

North Carolina lawmakers are unveiling a proposal for who would pay claims for coastal damage after a bad hurricane season.

The House Insurance Committee on Thursday is considering an attempted compromise on the Beach Plan that's still unlikely to please property owners or insurance companies.

The legislation is trying to fix the state-created insurance agency for property in 18 coastal counties.

The Beach Plan was created in 1969 as the insurer of last resort. But it has ballooned as insurance companies raised rates in storm-prone coastal areas after Hurricane Andrew in 1993.

The Beach Plan now insures 170,000 properties valued at nearly $74 billion. But it has the resources to cover just a fraction of that.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by scott Location: easrn nc on Jul 1, 2009 at 10:19 AM
    An eastern elected official supports the Beach Plan; the Locke Foundation Report (12/08) made no recommendation to impact ALL homeowners .... who makes more sense? cents?
  • by Me Location: Greenville on Jun 26, 2009 at 06:09 AM
    The answer is to not cover any properties that are built on a piece of shifting sand. There are many regular folks living in regular homes that are built on solid ground that should get some relief. However we should not be forced to subsidize expensive vacation homes built on sand dunes by folks with lots of money and politician friends.
  • by Melvin Location: Jacksonville on Jun 25, 2009 at 03:53 PM
    Remember when Topsail and Atlantic Beach were called spits? But due to political cronyism developers where allowed to develop these spits but apparently no one told Mother Nature because she still treats these areas as spits and takes sand from one area and deposits it at another. These spits need to and should be public domain with absolutely no development of any kind. These areas are just to unstable with hurricanes, strong tides and coastal flooding. And the individual who came up with the ridiculous plan of Beach re-nourishment should be taken to Raleigh and have their head examined. Public and private money are being poured down a bottomless rat-hole with no end game. Beach re-nourishment is a complete waste of money, but no one has the guts to stop it.
  • by Sinking Fast Location: Williamston on Jun 25, 2009 at 10:00 AM
    Woe, Woe to the working middle class. We are going down!!!!
  • by unk Location: enc on Jun 25, 2009 at 09:30 AM
    I agree with Hmmm. If I have to subsidize the rich folks at the beach, then I want them to move out for a week and subsidize my week long vacation at their place on the beach. Sounds to me like Leona Helmsley politics. Let the little people pay for the lavish lifestyles of the well to do. When are we going to be looked after. Now we have welfare for the rich folks. Only in AMERICA!!!!
  • by ??? Location: MHC-Carteret County on Jun 25, 2009 at 09:12 AM
    I live on the coast but hell I can't afford to live here anymore esp. when I have to pay higher flood policies to cover the people in the western part of the state who either don't have it or haven't paid enough to cover their homes. Been On the coast for over 30 years and I have never flooded but hell anything west of 95 has and your coverage hasn't increased the way it has on the coast. SO go cry to someone else. Oh by the way not everyone here has pricey homes. And Dale it is called welfare.
  • by hydemite Location: Hyde County on Jun 25, 2009 at 07:52 AM
    We don't have pricey homes on the beach. We live in normal homes in one of the poorest counties in the state. We are subject to these high priced insurance policies.
  • by Dale Location: Goldsboro on Jun 25, 2009 at 07:19 AM
    I guess the legislature will do whatever it feels it should. I just hope when I have a catastrophic illness, the rest of the healthy people in NC have to help pay for my hospital bills. Seems only fair doesn't it?
  • by concerned Location: the beach on Jun 25, 2009 at 06:26 AM
    We already pay over 3 times more for the same amount of coverage, and our rates hve increased over 300% over the last 16 years. The beach plan has been mismanaged for years. But, you know, hurricane damage only occurs on the coast, something like that could never happen inland. I guess everyone has forgotten about Floyd in '99.
  • by pissed Location: off on Jun 25, 2009 at 06:00 AM
    Do you not listen to the news? This is a coastal state! The beach plan covers the 18 coastal counties not just those right on the water. Also do any of you remember Floyd, Fran, or Hugo? They did more damage inland than on the coast. Many of those homes that were damaged were also insured throught the state. I wish people would get there stories straight before making comments. Do your research people!
  • Page:
WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 49084496 - witn.com/a?a=49084496
Gray Television, Inc.