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RALEIGH, N.C.
North Carolina's new insurance commissioner says legislative efforts to freeze increased costs for coastal homeowners risks making policies less available and less competitive for all residents.
Insurance Commissioner Wayne Goodwin said Monday that lawmakers could upset the balance between competition and the need to beef up the state-sanctioned beach insurance plan.
Two legislative measures would hold off increased surcharges of up to 25 percent for homeowner's coverage and up to 15 percent for wind damage that the beach plan charges above what regular insurers can offer. The increased surcharges took effect with new policies written since Feb. 1.
Goodwin said those increases led insurers to keep premiums down in other parts of the state.
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Agree iqdou
For the high risk items like wind, hail, flood.
I have a place on Hatteras Island. I have 3 policies.
Flood thru the NFIP
Wind/Hail thru the Beach Plan
Homeowners for all other stuff like fire, theft, etc.
No problem with a rate increase on flood/wind/hail. But what justifies a 25% increase in the stuff with no more risk than any other place, ie the homeowner policy. BTW the fire dept is rated so that is not a factor.
huh?
If one has a home/property in a place which is subject to more water, tidal, FLOOD, and wind damage then insurance coverage and rates should be adjusted accordingly.