Committee passes fix for coastal insurance program

There is some new hope for coastal county homeowners. The House Finance Committee has passed a patch for the underfunded Beach Plan, a vital insurance provider in coastal counties.

The bill that cleared committee Thursday would cap coverage maximums at $750,000 and would shift remaining rebuilding costs to all North Carolina policy holders – not just those in coastal counties.

The beach plan is intended to be an insurer of last resort.

Finance Committee Vice Chair Danny McComas of New Hanover County said Thursday night he hopes this bill will help get other insurance companies in here offering coverage.

It should go to the Full House early next week.