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Old 02-16-2009, 09:57 AM
 
577 posts, read 1,737,543 times
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Wow that is gonna hurt...... Coastal homeowners vow to fight insurance rate hikes :: WRAL.com
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Old 02-16-2009, 06:51 PM
 
214 posts, read 737,463 times
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Default Bill has not been ratified yet

Quote:
Originally Posted by NC man View Post
Senate Bill 6
2009-2010 Session
Beach Plan and Ins. Rate and Deductible Stay.[/CENTER]
Status: Ref To Com On Commerce on 01/29/2009SponsorsPrimary:Julia Boseman; Co:Harry Brown; Jean Preston; R. C. Soles, Jr.; Attributes: Public;

History DateChamberAction01/28/2009SenateFiled01/29/2009SenateRef To Com On Commerce
Note: a bill listed on this website is not law until passed by the House and the Senate, ratified, and, if required, signed by the Governor.

Increases may have been approved, but it is my understanding that is has many, many opponents.

Last edited by seashellbelle; 02-16-2009 at 06:53 PM.. Reason: removed unneccesary font
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Old 02-17-2009, 07:01 AM
 
577 posts, read 1,737,543 times
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Yes, this information was in my post. I think if you really check it out you will see alot more people are for it then against it. Here in NC coastal damage is a way of life and all my life Ive heard people against building homes on the outer barrier islands, but they do it anyway, most of them, not all just have to much money and dont really care. But when that storm blasts their summer rental house they want it payed for. So I ask you why should the average middle class person living, not on the coast have to pay for that fancy beach house with higher ins rates. I do feel for the folks who are effected that dont live right on the water because not all of them are that well off. But to live on the beach or the water you gotta pay to play, and if you cant afford the game stay off the beach. Read the comments on the post from WRAL most folks feel this way and I dont blame them. its like subsidizing the well off to own beach property. With exploded prices average mom and pop are already priced out and they shouldnt have to pay for the well off.
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Old 02-17-2009, 07:03 AM
 
Location: Morehead City, NC
1,676 posts, read 5,363,131 times
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The coast of NC is use to fighting what others wish to bestow upon us.

Group hopes to fight insurance rate increases | insurance, legal, county - News - Jacksonville Daily News (http://www.jdnews.com/news/insurance_62288___article.html/legal_county.html - broken link)
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Old 02-17-2009, 08:00 AM
 
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I don't really know what to think about it. North Carolina's insurance rate process is bizarre and bureaucratic.

There are so many questions I have about it, and so few answers. I'm all for "paying my fair share" for living in mainland Wilmington, which is a risky place. However, I don't want to bear the burden of the filthy rich who own $3million mansions on Wrightsville Beach and Figure Eight, which are really risky places. Neither the state of NC nor the insurance companies seem to think they owe anyone a detailed explanation on what their "fair share" really is, and why. The newsmedia coverage is inadequate, and the state of NC likes to do everything behind closed doors.

One thing I'm suspicious about is that I think these insurance companies have raised rates in order to offset losses in the stock market. Also, I have been told by those "In the know", that when commercial real estate crashes, this will also have a similar, possibly larger impact on insurance companies.
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Old 02-17-2009, 08:06 AM
 
Location: Morehead City, NC
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They raised rates in response to the Florida and Louisiana Hurricanes. It all started a half dozen years ago or so. The justification this time is that it is a pro-active measure.
Bill
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Old 02-17-2009, 10:21 AM
 
Location: New Jersey
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How does this affect towns a little more inland like New Bern? Wife and I were looking to retire there within the next couple of years, but not sure if we could afford the insurance.

marc
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Old 02-17-2009, 12:43 PM
 
577 posts, read 1,737,543 times
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Newbern does fall into coastal area as well as it sits well within the storm flood zones around the river. Craven county will have some increases, I would think based on location to the water and storm surge would increase or decrease percent of Rate hike. I would defer to Bill to what extent the area will increase. i know my property in newbern will increase in the plan and im on a golf coarse not water.
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Old 02-17-2009, 07:37 PM
 
214 posts, read 737,463 times
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Wish I had the answers to all your questions, but from what I understand the folks that are THE BEACH PLAN, are all coastal homeowners, or are representing coastal homeowners who are not able to acquire sufficient homeowners insurance because of their proximity to the ocean, because so many insurers have pulled out of the market, especially since Katrina. Does this make sense, no not really.
The Beach Plan is not a clear representation of the State, just the coastal areas. Should people choose to live close to the ocean, then I would think they would have enough sense or enough bucks to know that it is their responsibility to assume the cost. After Katrina FEMA redid the flood zones, just to recoup the costs for insurance companies, and many areas that were not in flood zones, have now been deemed to be in a flood zone.
As it is, those of us living close to the coast but not on the coast are bearing the brunt of this. Why areas that suffer more are being charged less, is also a mystery.
My biggest FEAR is that Bev Purdue, current gov. was very close to Long, who recently passed, and she may let her emotions fog her logic.
If they feel it is imperative that rates be raised, then it should be done so more fairly, and equally. I know we all enjoy the coast, and even those who do not live here permanently, come to visit, wouldn't it be fairer to spread the rate increases, rather than just in concentrated areas?
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Old 02-18-2009, 05:53 AM
 
Location: Morehead City, NC
1,676 posts, read 5,363,131 times
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Again-You have to look outside of North Carolina for the true culprit. The costs incurred by insurers in other states is being recouped everywhere.
Florida insurer ends home policies after rate hike fails - Jan. 27, 2009


Please keep this in mind. Just because someone is in a coastal county doesn't mean they are in a flood zone. Also keep in mind that there are a range of flood zones, all with varying degrees of flood potential. These variables affect your rates.
I hope no one gets the impression that rates are universal or that all areas have equal flood potential.
As I have posted here at CD many times over the years-Most deaths associated with storm flooding comes from inland (not coastal) flooding. And flood zones can vary quickly. I can throw a baseball from my yard in four different directions and have it land in three different flood zones. Which of course means-Three different insurance rates.
Bill
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