NC Coastal Insurance Fix Gets Financial Once Over

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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  • by no way Location: greenville on Jul 10, 2009 at 04:52 AM
    if i don't have a house at the beach but i am forced to help pay for the repair of one if it get destroyed, then can i have the pleasure of enjoying a house on the beach when they are repaired for free. this is outragous. are the people at the beach going to help pay for my home if it get destroyed??? They chose to live on the beach so it should be their responsibility to rebuild if something happens.

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