RALEIGH — The state Senate has approved a fix for an underfunded coastal insurance plan that regulators called a problem about to affect property coverage statewide.
The Senate passed the proposal to beef up the Beach Plan 42-5 on Wednesday. The bill returns to the House, which earlier passed a largely similar version.
The bill shifts some risk to all North Carolina homeowners, who could be forced to pay an extra premium if there is a disastrous storm season.
The Senate version lowers the extra charge Beach Plan policies tack on to company rates. Coastal residents had complained that they have endured several rounds of big insurance rate increases.