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Department of Insurance a no show at area meeting in Wrightsville Beach

The Department of Insurance backed out of Friday's planned meeting, after Dare County filed a lawsuit against them for approving a rate increase without following proper procedures. The absence left area officials with plenty of questions.

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.

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Insurance Increases on Inflated County Property Values

As of 1/10/2009 you can not hardly sell a parcel of land or house at Carolina Beach due to the economic downturn. Yet our homes are taxed at inflated values from the last county tax evaluation. I dare say you could sell any house now for the tax value,yet we are facing a 30% insurance increase on a piece of real estate that you can not sell. The next several months forclosure rates are going to increase,thus dropping value for homes that you could not sell.Wake up elected officials you are putting more burdens on the average citizens than he can bare,raising insurance rates for coastal communities is not the answer to help the economy !

taxes

I think this should be a situation for our county/city leadership to perform an emergency re-valuation of all real property to reflect the 30% drop in values. A little pain in the budget, and a subsequent cut-back in expenditures, would be more congruent to the situation that their constituents are in!!! A little pain now might just save a few people from losing their homes.

and how

will that affect the Insurance Industry? Insurance policies are issued on the basis of the structure's replacement cost. If the tax value is $1,000,000 and the replacement cost is $250,000, then the policy should be issued on a replacement cost basis of $250,000. Where does tax value feed into this formula?