make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Coastal counties object to proposed insurance hike


ELIZABETH CITY, NC (AP) -- Officials in North Carolina's coastal counties say their region is being unfairly targeted by a proposal to increase insurance rates on rental and second homes.

The Daily Advance of Elizabeth City reports a proposal to raise insurance rates an average of almost 21 percent statewide would hit twice as hard on owners of coastal properties requiring extended coverage because of hurricane risks.

Officials in the 20 eastern counties say the annual premium for a $300,000 property on the coast could increase by more than $1,000.

State Insurance Commissioner Wayne Goodwin will hold a public hearing in June to get feedback on the proposed increases. It will be the first public hearing on an insurance rate filing in 18 years.

Information from: The Daily Advance,

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.


Insurance Rates in the Coastal Counties

Please take a moment to sign my petition to reduce the wind and hail insurance premiums of the NC Joint Underwriting Association. It will be submitted to Mr. Goodwin next year and if the rates have not been reduced by then, he will feel the repercussions in the 2012 election.