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Old 06-23-2009, 12:17 PM
9,680 posts, read 24,045,068 times
Reputation: 4130


Well, NC's great consumer oriented insurance comissioner, Jim Long, recently retired and then died of a stroke.

So, we've been doubly shafted.

1. Auto - Now you must buy uninsured/underinsured coverage matching your liability limits. What a rip! I now insure my $14K Corolla for $50K uninsured/underinsured. The only way out is to only carry minimum liability limits. The AAA just opposed this in their monthly magazine.

2. Home - A 10% statewide increase is planned to support the added risk of hurricanes to coastal counties. So, we who selected relatively safe areas must cover the bets of those who chose to live in vulnerable areas. Why should we send them to the craps table to bet our money?

Watch out. New Jersey is coming to reclaim its emigrants by turning NC into Southern NJ.
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Old 06-23-2009, 12:26 PM
2,857 posts, read 5,009,720 times
Reputation: 6698
Shouldn't this be in the general North Carolina forum?
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Old 06-23-2009, 01:20 PM
2,434 posts, read 6,963,433 times
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Agreed , Jim Long saved us lots of money over the years ..
So without sounding like an ad, I was a Nationwide customer (Home and Auto) for a long time with a list of discounts (good driver, etc.). A friend is an agent that reps a number of companies and gave me a quote from Erie. The rates were significantly lower and Consumer Reports rates Erie ahead of Nationwide for Auto.
Same agent advises that Insurance is about to get very nasty in NC.

So shop around a bit, some companies are very aggressive on price for the right client profile.

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Old 06-23-2009, 01:39 PM
Location: Five Points
1,190 posts, read 3,634,889 times
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The vast majority of insurance claims from recent hurricanes have been inland flooding and not actually on the coast. We also had massive claims in the mountains a few years back from hurricane produced floods and land slides. Fran produced far more claims inland than on the coast. Just like in 99 with Wilson and Princeville being underwater. I pay a lot of hard earned cash to insure my place on our coast. I have never made one claim in ten years of owning it. If a hurricane levels my property, I will feel zero guilt in getting my check to rebuild from my insurance company.

Last edited by uncletupelo; 06-23-2009 at 02:06 PM..
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Old 06-23-2009, 02:15 PM
183 posts, read 610,767 times
Reputation: 119
The bill for the insurance increases for homeowners to fund the Beach Plan is H1305v1 if anyone wants to look it up. I already sent an email to my house rep about it, asking him to vote NO. I find it appalling that, as the sole provider of a family of 4 who can barely pay the bills, I am being asked to help pay insurance for someone who, more than likely, has hundreds of thousands of dollars more than I do. I realize that hurricanes do damage inland as well, but lets be honest, the majority of the destruction is to beach homes. I should know...I lived in Wilmington from 1983 to 2004. Inland, there are the flood risks, and what many people DON'T know is that back when Fran/Floyd went through, a lot insurance companies didn't pay for flood damage...they told the homeowners that they didn't have the right insurance. An insurance claim for a beach house is far, far more than an insurance claim for someone inland 9 times out of 10 when a hurricane blows through. Plus, unless you've lived in a cave for the last 40 years, you know the risks of owning a beach home in North Carolina. My personal take...let them pay higher premiums and leave mine alone. Being able to afford a beach house should include being able to afford the insurance and upkeep. If you can't afford that....don't own a beach house.
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Old 06-24-2009, 07:16 AM
Location: Upstairs closet
4,976 posts, read 8,714,565 times
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Originally Posted by uncletupelo View Post
and not actually on the coast. We also had massive claims in the mountains a few years ...
OK UNCLE, let us try this again.

Homeowners insurance and FLOOD insurance, and their resultant claims, are two separate things, and two separate pots of money. You don't get a penny from homeowners insurance if the damage is caused by flooding. Not a penny. Flood insurance is a national program where the entire country subsidizes those that live in flood prone regions, be it the Red River in North Dakota or the "Inner Banks" of NC.

So, flood insurance claims in Asheville or Princeville or even the Inner Banks, do not effect the economics of Homeowner's insurance.

Flood insurance and homeowners insurance are apples and oranges.

Keep it "classy."

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Old 06-24-2009, 08:26 AM
Location: Southeastern North Carolina
1,790 posts, read 3,265,494 times
Reputation: 3157
Well, I'm just an ignorant yankee who has only lived in NC for four years, but I thought that Jim Long had approved of the Beach Plan rate hikes:

North Carolina Urged to Reduce Beach Plan Coverage, Cap Insurers' Liability

from the article:

"The proposal follows changes approved in the past two months by then-Insurance Commissioner Jim Long, one which could raise premiums in some coastal areas by nearly 30 percent. "

The 30% figure is a bit off, though. My wind & hail premium increased by nearly 40% and I do not live at the beach.
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