N.C Coastal Insurance Concerns

N.C Coastal Insurance Concerns (Added: October 17, 2008)

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Is our coast prepared for the next big storm?Some lawmakers are working to make sure it is.

By: Stephanie Moore | WNCT-On Your Side
Published: October 17, 2008

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Is our coast prepared for the next big storm?
Some lawmakers are working to make sure it is.
A national insurance industry group says North Carolina's coastal property insurance plan is "financially unprepared.”
Officials say the plan would need an additional two-point-nine billion dollars to pay for damages, caused by a major storm.
That equals to roughly $700 for every taxpayer in the state.
The plan can pass the costs on to insurance companies doing business inland.
A committee will meet in January, to discuss further changes with the plan.

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