Officials: Beach Plan Reform Already Brings Competition

The new plan that requires all property owners in the state to pay for some of the damage to the coast in a disastrous hurricane season is already increasing insurance company competition, according to the North Carolina Department of Insurance.

The North Carolina General Assembly passed the beach plan reform bill, after coastal insurance rates recently increased significantly.

North Carolina Insurance Commissioner Wayne Goodwin says within days of the passage of the bill, an insurance company has announced it will begin to offer policies to coastal residents next month.

"I want to thank the General Assembly for its leadership in passing legislation that brings more competition to North Carolina and helps not only homeowners in coastal counties, but across the state. I'm pleased that HB 1305 is working so quickly to bring competition and avoid an insurance availability crisis," said Commissioner Goodwin.

The North Carolina Department of Insurance says the bill caps the exposure of losses for insurance companies, which will increase competition.

If a hurricane season racks up more than $1 billion in private claims, homeowners across the state would be billed to help cover the cost.

For more details on which company will start offering coverage, click here.

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  • by Cactus Location: Strabane on Aug 17, 2009 at 05:52 PM
    Justin, they have socked it to us again, now next election vote out all incumbents. We as voters have to start a revolution at the polls, including local, state and federal. Those that refuse to vote against an incumbent can only blame them selves.
  • by Cactus Location: Strabane on Aug 17, 2009 at 05:44 PM
    So the General Assembly wants me to sign a blank check. Now that does not make sense, I would not sign a blank check for my kid, much less a politician. The workers are screwed again, thanks.
  • by Justin Location: Grimesland on Aug 17, 2009 at 10:45 AM
    Of course we are responsible for paying for the upper class, and lower class. The government officials who have property at the beach wount have to pay for these issues, and with the health care reform, dont have to pay for that either. Of course its all up to the everyday workers to foot the bill. What is wrong with this country, and state.

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