HB 1305 Heads to the Senate

HB 1305 Beach Plan Changes passed 2nd and 3rd reading in the House and now will head to the Senate.  A floor amendment was offered by Rep. Pat McElrath (R-Carteret) on the House side that would have raised the cap on assessments from $1 Billion to $2 Billion. Unfortunately the amendment failed by a vote of 52-63.  As we have seen and noted numerous times interestingly, the votes in committees and on the floor do not split along partisan lines.  Rather, the lines have been geographic – with members from districts west of I-95 voting against most measures that would provide any relief to coastal homeowners.  BASE and NC20 have worked diligently on this bill to ensure financial stability in the Beach Plan to ensure more availability and affordability for citizens throughout the coastal counties. There are positive aspects of the bill as  passed by the House: more public information and input in the rate making process, a 1% named storm deductible, mitigation credits, an installment payment program, a grant program and most importantly, the assurance that the Beach Plan surplus will be retained so the fund can grow and be in a position to cover losses should an event occur. However, we will be working with our legislators on making changes to the bill on the Senate side. Issues such as surcharges and reinstating the coverage limits to $1.5 million are critical to the citizens of our coastal counties.  The Senate should begin deliberation sometime this week once the bill is read in and referred to committee.  Stay tuned for more updates on this issue.   To view the latest version of the bill click here.