N.C Coastal Insurance Concerns

By Stephanie Moore
Noon Edition Producer
Published: October 17, 2008

Is our coast prepared for the next big storm?
Some lawmakers are working to make sure it is.
A national insurance industry group says North Carolina’s coastal property insurance plan is “financially unprepared.”
Officials say the plan would need an additional two-point-nine billion dollars to pay for damages, caused by a major storm.
That equals to roughly $700 for every taxpayer in the state.
The plan can pass the costs on to insurance companies doing business inland.
A committee will meet in January, to discuss further changes with the plan.