Coastal Homeowners Insurance Bill Passes Insurance Committee

House Bill 1305 Favorably Reported by the House Insurance Committee

On Tuesday, June 30, the House Insurance Committee favorably passed House Bill 1305 (the omnibus Beach Plan “fix” bill) which will now move on to the House Finance Committee for review. The bill is an important step toward providing more stability in the finances of the Beach Plan which should lead to more availability and affordability for homeowners statewide—but especially in the 18 coastal counties.

Introduced by Representative Hugh Holliman (Davidson) the bill has undergone several revisions with the 12th version moving onto the Finance Committee. The latest version of the bill would establish more stability in the Beach Plan via assessments and retaining the surplus, allow for the creation of mitigation credits, grant programs, installment payments and includes for an allowance for more specifically realigning territories.  There are still critical items in the bill that need to be worked on.  BASE will continue to work on these issues—and continue to encourage more public participation in the overall insurance process–as the bill moves to the next committee.

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