Premium hike looms for coastal North Carolina residents

04/24/2009 | Insurance Journal

North Carolina lawmakers say it's unlikely they can do anything to stop May 1 insurance rates increases of up to 30% from hitting homeowners covered by the state-run Beach Plan. Recent court decisions have blocked certain surcharges that were due to take effect, but have not affected the planned rate increases. Officials say the Beach Plan, which covers 18 coastal counties, does not have enough funding to cover its $72 billion in commitments if a major hurricane should hit the state.

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