Homeowners denied hearing concerning Beach Plan Insurance

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Homeowners denied hearing concerning Beach Plan Insurance

Friday, 06 February 2009 12:31

Homeowners denied hearing concerning Beach Plan insurance

By Joe Johnson
(Source: Special to the Star-News)

Raleigh | Hearing officer William K. Hale of the N.C. Department of Insurance on Friday denied petitioners, whose Beach Plan homeowners insurance rates are set to jump beginning on Sunday, a chance to have a public hearing on the matter. Hale on Thursday heard from attorneys representing homeowners seeking the public hearing, as well as attorneys from the N.C. Attorney General’s office representing the Department of Insurance and attorneys representing the insurance industry. Hale cited the lack of subject matter jurisdiction and that the petitioners failed to state a claim upon which relief may be granted as the reason for dismissing the request for a public hearing. This hearing was one of many issues surrounding homeowner’s insurance rates which are set to increase in the coming months. Specifically, this group was seeking to have a public hearing about a pair of 10 percent increases to their insurance rates. According to the Department of Insurance, these homeowners will see their rate increase and have a new required higher deductible. It is likely that the homeowners’ out-of-pocket expense for the rate increase will be offset by the higher deductible, according to Deputy Insurance Commissioner Bob Mack. “The difference will probably be negligible,” Mack said.

This change is for only the Beach Plan, which is a government insurance pool to homeowners living in high-risk coastal counties. Beginning May 1, insurance rates, whether through the Beach Plan or from private insurers, are set to increase by about 30 percent for homeowners in New Hanover, Pender, Brunswick, Onslow and Carteret counties. The filing for this rate increase occurred in December. Legislators already have moved to head off these increases by filing bills that would delay the onset of the rates.