Beach plan deal taps all NC homes
RALEIGH, N.C. (Rocky Mount Telegram) — Every insured homeowner in North Carolina could shoulder the cost of rebuilding if a massive hurricane hits under a deal taking shape in the Legislature.
The legislation expected to be detailed in a House committee as early as this week aims to fix the Beach Plan, which insures 170,000 properties valued at nearly $74 billion in 18 coastal counties, according to the plan's quarterly financial statement. The Beach Plan has the resources to cover just a fraction of the coverage it has committed to pay.
The bill would cap at $1.2 billion the amount of the Beach Plan's underfunded promises that insurance companies would pick up. After the Beach Plan spent what it has available and insurance companies reached their limit, the obligations would shift to all property owners.
The legislation expected to be detailed in a House committee as early as this week aims to fix the Beach Plan, which insures 170,000 properties valued at nearly $74 billion in 18 coastal counties, according to the plan's quarterly financial statement. The Beach Plan has the resources to cover just a fraction of the coverage it has committed to pay.
The bill would cap at $1.2 billion the amount of the Beach Plan's underfunded promises that insurance companies would pick up. After the Beach Plan spent what it has available and insurance companies reached their limit, the obligations would shift to all property owners.
posted by BP News Bureau | 10:00 AM
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