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NC 20 hosts symposium on flood insurance hike

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NEW BERN, N.C. -

The cost of flood insurance is going up in our state, and residents are worried how it could affect them.

The nonprofit group NC 20 held a meeting Friday in New Bern to clarify the impact of the increased rate. NC 20 says current rates could more than double, and rental homes could even lose value because of it.

North Carolina insurance commissioner Wayne Goodwin was one of the guest speakers.

He says insurance companies wanted every coastal county to have a 30% increase, but he negotiated it down to a one percent increase for some of these counties.

"I'm fighting for consumers to try to keep the rates as low as possible. It is a significant challenge, and I'm thankful we have a department to help me fight on behalf of our consumers," said Goodwin.

Goodwin says flood insurance rates often go up because of the frequency of storms that hit North Carolina, and rising costs of reinsurance around the world.

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