N.C. Senate passes hurricane insurance plan fix
RALEIGH, N.C. (AP) — The state Senate has approved a fix for an underfunded coastal insurance plan that regulators called a problem about to effect property coverage statewide.
The Senate passed the proposal 42-5 on Wednesday, the same day senators unveiled a revised plan to beef up the Beach Plan. The bill returns to the House, which earlier passed a largely similar version.
The bill shifts some risk to all North Carolina homeowners, who could be forced to pay an extra charge on their policy if there is a disastrous storm season.
The Senate version lowers the extra charge Beach Plan policies tack on to company rates after coastal residents complained they have had several rounds of big insurance rate increases.
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