Insurance iceberg
Published: Thu, Aug. 21, 2008 12:30AM
Modified Thu, Aug. 21, 2008 02:01AM
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closeIt was with great regret that I read Farmers Insurance will stop covering North Carolina homeowners because of its financial exposure in the state's under-funded Beach and Windstorm Plan ("Farmers group will drop N.C. policies," Aug. 15).
Indeed, in my Point of View published by The News & Observer on June 18 ("Most critical vote? Insurance commish"), I predicted that just such an insurance company exodus might occur if the plan's shortfall weren't fixed. I had no idea the exodus would start so soon.
The shortfall of the Beach and Windstorm Plan affects all North Carolina homeowners -- not just homeowners at the coast. If Farmers' exit proves to be the tip of the iceberg, all homeowners in our state could struggle to find affordable coverage from a carrier of their choice.
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Many industry associations -- mine included -- are working hard to craft solutions that will keep homeowners insurance available and affordable. Until then, consumers can let N.C. Department of Insurance officials know that the solvency of the Plan should be a top priority by calling (800) 546-5664.
R. Cleve Folger
President, Independent Insurance Agents of North Carolina
Raleigh
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