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This is rich...thanks NC Dems...you fokking a-holes....

WNC shouldn't pay insurance bill for coastal mansions
A hurricane that makes landfall along the North Carolina coast could trigger a 10 percent — or greater — surcharge called a “catastrophic assessment recoupment” on homeowner insurance policies in Western North Carolina. A bill currently in the N.C. House would cap the financial risk from catastrophic loss to property owners along the coast, allowing insurance companies to pass along rebuilding costs to all N.C. policyholders.

House Bill 1305 is an effort by the General Assembly to fix the North Carolina Beach Plan, a little-known program established in 1969 to make affordable, state-subsidized property insurance available to a limited number of people on North Carolina’s barrier islands who could not afford to buy it through the standard insurance markets.
Special interests
Like many government efforts with good intentions, the Beach Plan has been manipulated by special interests. What was once an insurer of last resort is now the de facto first choice for property insurance, available to anyone regardless of need in 18 coastal counties. Today, the plan insures nearly 176,000 coastal properties valued at $73.6 billion.
Because premiums are kept artificially low, the Beach Plan doesn’t have enough money to cover potential damages.

This kind of government interference in the free market is almost always a bad idea. By tinkering with market-driven property insurance rates, the state has elected to subsidize the development of vulnerable coastal areas, exposing all North Carolinians to the risks of hurricane impacts. Some insurance companies have already stopped writing policies in North Carolina because they were required to participate in the Beach Plan and faced open-ended liability.

Of course, from a scientific perspective, it is clear that there are many areas of the coast that should not be rebuilt following the next hurricane — many areas that have suffered repeated losses. The state certainly should not be encouraging redevelopment in these areas by subsidizing the risk.
Many supporters of HB 1305 have an overly optimistic view of hurricane risk in North Carolina. John McMillan, lobbyist for the Insurance Federation of North Carolina believes the possibility of such a surcharge in WNC is “very, very remote.” Tommy G. Thompson, president of N.C. 20, a nonprofit group that represents coastal counties, said his group supports the 10 percent surcharge “only because we don’t think it will ever be enacted.” This is wishful thinking.

http://www.citizen-times.com/apps/pbcs. ... 0990715068

Stupid. Barrier islands SHOULD NEVER be built on, and if they do, NEVER subsidized.

dbackjon wrote:Stupid. Barrier islands SHOULD NEVER be built on, and if they do, NEVER subsidized.

Well, only unless you're a politician from NC who stands to remain in power as well as generate mucho dinero in contributions from continuing to support this........

I own a rental property on the OBX at Corolla....am I on someone's shit list now?

bandl wrote:I own a rental property on the OBX at Corolla....am I on someone's shit list now?

No, but only fair you allow Appa a free week there in exchange for subsidizing your insurance

bandl wrote:I own a rental property on the OBX at Corolla....am I on someone's **** list now?

No if you have a private insurance policy...yes if you elect to use the NC Beach Insurance plan and MY mortgage insurance premiums increase to rebuild YOUR property after the inevitable hurricane this fall....

dbackjon wrote:

bandl wrote:I own a rental property on the OBX at Corolla....am I on someone's **** list now?

No, but only fair you allow Appa a free week there in exchange for subsidizing your insurance

That will work as well....

We have the same problems here in FL with our "Citizens" carrier.

The real problem is this: Beachfront homes are expensive: expensive to buy, expensive to insure, expensive to maintain, expensive to replace if (inevitably) damaged. Therefore, most beachfront homes are owned by peolpe who have lots of money.

Large political donors are generally those who have lots of money, which would include publically controlled corporations like insurance companies. See the connection????

blueballs wrote:We have the same problems here in FL with our "Citizens" carrier.

The real problem is this: Beachfront homes are expensive: expensive to buy, expensive to insure, expensive to maintain, expensive to replace if (inevitably) damaged. Therefore, most beachfront homes are owned by peolpe who have lots of money.

Large political donors are generally those who have lots of money, which would include publically controlled corporations like insurance companies. See the connection????

Yep...program was set up to help actual beach communities (you know, the people working at the service industry, contruction, etc)initially....has turned into a state-funded safety net for luxury, rental & second-home owners....

THIS IS BULLSH*T, but that's what happens when you elect eastern NC crooks who own beach front property like Sleazley and Perdue.

It'd be one thing to subsidize insurance for condos for tourists to bring in money, but beachside mansions? Yet another example showing dems are just as serious about social justice and sticking up for the little guy as republicans are about limited government.

Pwns wrote:It'd be one thing to subsidize insurance for condos for tourists to bring in money, but beachside mansions? Yet another example showing dems are just as serious about social justice and sticking up for the little guy as republicans are about limited government.

Summarizes my thought on it as well.

Appaholic- if you think NC is bad about this issue, you should check out SC. The islands around Charleston are rife with idiots who built bigger, nicer houses just as soon as Hugo rolled past. The a-holes out at Wild Dunes have been looking for government assistance to pump sand onto the beach to keep their houses and condos from washing away due to natural tidal action. it's a total mess and I'm glad to be away from it.

The real irony in all of it is that a very large portion of the Isle of Palms/Wild Dunes crowd are a bunch of damn yankees and not even South Carolinians. Natives have enough sense not to build permanent or expensive structures on the barrier islands.

ASUMountaineer wrote:THIS IS BULLSH*T, but that's what happens when you elect eastern NC crooks who own beach front property like Sleazley and Perdue.

No, this is what happens when government tries to pry into private enterprise. This is a microcosm of what will happen if the federal government attempts to provide insurance to those who don't currently have it. In 25 years, 90% of American citizens will have little choice but to use the gov's programs because of the cost to the consumer. However, our taxes will be 65% and rising yearly, but who cares about that?

CID1990 wrote:Appaholic- if you think NC is bad about this issue, you should check out SC. The islands around Charleston are rife with idiots who built bigger, nicer houses just as soon as Hugo rolled past. The a-holes out at Wild Dunes have been looking for government assistance to pump sand onto the beach to keep their houses and condos from washing away due to natural tidal action. it's a total mess and I'm glad to be away from it.

The real irony in all of it is that a very large portion of the Isle of Palms/Wild Dunes crowd are a bunch of damn yankees and not even South Carolinians. Natives have enough sense not to build permanent or expensive structures on the barrier islands.

Actually, the real irony is I attended a wedding last summer... and the reception was at a beachhouse owned by the Citadel.... on the Isle of Palms... that had been rebuilt after the original was destroyed by Hugo.

On September 22, 1989, the devastating hurricane Hugo swept through the east coast and left only pieces of the beloved structure. It was three years before another beach club was opened, but today we have a structure with the same amenities that the original beach house had but in a much more modern facility.

http://beachhouse.citadelalumni.org/history.php

Skjellyfetti wrote:

CID1990 wrote:Appaholic- if you think NC is bad about this issue, you should check out SC. The islands around Charleston are rife with idiots who built bigger, nicer houses just as soon as Hugo rolled past. The a-holes out at Wild Dunes have been looking for government assistance to pump sand onto the beach to keep their houses and condos from washing away due to natural tidal action. it's a total mess and I'm glad to be away from it.

The real irony in all of it is that a very large portion of the Isle of Palms/Wild Dunes crowd are a bunch of damn yankees and not even South Carolinians. Natives have enough sense not to build permanent or expensive structures on the barrier islands.

Actually, the real irony is I attended a wedding last summer... and the reception was at a beachhouse owned by the Citadel.... on the Isle of Palms... that had been rebuilt after the original was destroyed by Hugo.

On September 22, 1989, the devastating hurricane Hugo swept through the east coast and left only pieces of the beloved structure. It was three years before another beach club was opened, but today we have a structure with the same amenities that the original beach house had but in a much more modern facility.

http://beachhouse.citadelalumni.org/history.php

Re-built with "donations" from taxpayers, both male and female, no doubt......

BeauFoster wrote:

ASUMountaineer wrote:THIS IS BULLSH*T, but that's what happens when you elect eastern NC crooks who own beach front property like Sleazley and Perdue.

No, this is what happens when government tries to pry into private enterprise. This is a microcosm of what will happen if the federal government attempts to provide insurance to those who don't currently have it. In 25 years, 90% of American citizens will have little choice but to use the gov's programs because of the cost to the consumer. However, our taxes will be 65% and rising yearly, but who cares about that?

True, which forces me to stand by my statement. They're crooks--this kind of BS knows no party. It will continue to happen because people are willing to give up power for "free" things--especially if it "sticks it to the [rich] man." It just so happens that the crooks with all the power in Raleigh are from eastern NC. "FTWest" should be their new motto.