The Virginian-Pilot
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Increases in deductibles and surcharges for wind and hail homeowners insurance were stayed Friday by a Superior Court judge, who sent the matter back to the state commissioner of insurance to redo.
The ruling, which stops the increases to the Beach Plan - a statewide insurance pool - implemented Feb. 1, affirms the petitioners' contention that the insurance commissioner did not follow procedures.
"It also gives us the opportunity to work out fair and equitable rates," said Bobby Outten, Dare County's attorney.
Dare was joined by Currituck, Carteret, New Hanover, Washington and Hyde counties, numerous towns and two private parties.
Outten said the commissioner has the right to appeal Wake County Superior Court Judge William R. Pittman's decision.
Beach Plan rate increases that the commissioner approved in December are being challenged in a separate action filed in the state Court of Appeals, Outten said.
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Rainman
Standby when your tidewater place renews. I just got my renewal for Hampton place and the deductible went to 2% for wind/hail.
NCs Eastern insurance rates are criminal
Talk about propping up the rich with poor peoples' money. The insurance rate for a 90K house nowhere near the sound much less the ocean is a thousand dollars a year. That is at least three times as much as my rates for a house in Tidewater and my house is insured for twice that. The reason? Drive along the coast and there are tens of thousands of Million and Multimillion dollar homes build practically in the surf line. If I were a gambler I'd bet only a small fraction of them are owner occupied. They are owned by speculators that rent them by the week for obscene amounts of money. Their profits are quite nice I am sure. When a storm comes through it is these structures that are damaged and of coarse the owners want someone else to pay for it. So all the people east of Raleigh get the privilege of underwriting their risks so that their profit is assured. I have no problem with someone trying to make a buck but, It disgusts me that the people who can least afford it, are forced to pay outrageous insurance rates so that the "rich" can be assured of PROFIT??
insurance
Allright , before everyone explains that if you live at the coast you should pay more. Understood!!!. But with Coastal residents now paying 300-400% more already, after a 25% increase in 2007 and without a hurricane since 2003, What is the need to raise rates, install a surcharge and make all wind policies carry a 2% decuctable PER OCCURANCE? I imagine it is because are it is easy to blame the coast for all of the Beach and Fair Plans mismanagemnet and greed. The whole inusrance commission should be reviewed and the lies and deceit brought out into the open.