This is my public service announcement for the month. I received a notice from my insurance company, that holds our Home owners' policy, telling me that there is a Bill in the State of North Carolina House that will be voted on that could raise our premiums a substantial amount. My Insurance agent also called and told me about the proposed legislature and said we need to be sure our representatives know how we feel about this.
The Bill 1305 decides what portion of our insurance bill goes to pay for these losses that the Government funded Beach Plan does not have to cover losses due to hurricanes on our coast. That means our premiums go up to cover those $1million dollar houses that get damaged in storms like Hugo and Hazel. If the wording is not seriously looked at our premiums could go up as much as 200%.
I am sorry that things like that happen but I don't live down there for a reason. They pay a ton of money for insurance and now the insurance companies cannot afford to pay out on the damages. There are many folks in North Carolina that are teetering on the brink of loosing their homes and all it would take is their home owners' insurance to go up by 50% to make their mortgage to much for them to afford.
My insurance agent also told me that there are several insurance companies that will not do business in North Carolina because of this. The North Carolina Beach Plan does not have enough money in it to cover losses and the Bill 1305 will decide where the extra money comes from. There are many insurance companies that will not cover homes in North Carolina for this reason. If this bill passes there could be many fewer still. The ones that do cover will be going up on premiums to cover their losses. Check out the website www.fixthebeachplan.com
I urge you to contact your local representative and senators.
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