"Speak Out" is an expression of opinion from the Editorial Board of WBTV, and is presented by General Manager, Nick Simonette.
Do you own a beach home? Maybe not. But thanks to NC Lawmakers, you may be helping to pay for them.
With all the debate about Health Care reform, and tax increases you might have missed this new law. If the North Carolina coast is hit with a catastrophic storm like Hurricane Hugo, property owners statewide will now have to help cover loses for beach homeowners.
It's a revision of the so-called Beach Plan. The original plan was designed 40 years ago to be a last resort...to offer hurricane insurance to property owners on barrier islands, where they couldn't get it from private companies.
But, it's been allowed to grow out of control. With its below market rates, the Beach Plan is now the first choice for coastal property owners. And, it doesn't have nearly enough assets to cover loses.
Now, to keep private insurance companies from fleeing the state...the State Insurance commissioner will be able to tack an extra 10% charge on every property insurance policy in North Carolina.
We think that's wrong. We think that people who own coastal property are the ones who should take the risk... and the ones who should pay the price.
What can you do about it? Contact your representatives. We've put a link on WBTV dot com.
With elections coming up in November 2010...there may very well be a way to change politicians' minds... and the law...IF enough people speak out.
Because WBTV is "On Your Side," we encourage everyone to "Speak Out" - tell us what YOU think. mailto: SpeakOut@wbtv.com.
