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, http://www.dailyadvance.com/
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