RALEIGH, N.C. (AP) - Legislators want to know whether people living on the coast pay their fair share for insurance.
A study committee examining whether the insurance industry is prepared for a catastrophic hurricane held its first meeting Tuesday.
Figures from a state program that provides affordable coastal insurance says a once-in-a-century hurricane could generate more than $3 billion in losses to the program. The so-called "Beach Plan" would require traditional insurance companies to be assessed more than $1 billion to make up the difference.
Other data show beach premiums can be three times the rate of average inland premiums. But the state's beach insurance premiums appear to be much less than similar offerings in other states.
The panel will make recommendations by early next year.
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NC hurricane insurance preparedness begins at coast
RALEIGH, N.C. (AP) - Legislators want to know whether people living on the coast pay their fair share for insurance.
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WNCT
Published: September 30, 2008
Published: September 30, 2008
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