Opinion: Mountain residents shouldn’t foot hurricane bills
In today’s Asheville Citizen-Times they explain how current state legislation makes that all the more likely.
Excerpt:
A hurricane that makes landfall along the North Carolina coast could trigger a 10 percent — or greater — surcharge called a “catastrophic assessment recoupment” on homeowner insurance policies in Western North Carolina. A bill currently in the N.C. House would cap the financial risk from catastrophic loss to property owners along the coast, allowing insurance companies to pass along rebuilding costs to all N.C. policyholders.
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Not surprisingly, HB 1305 has the support of the property insurance lobby, coastal politicians, coastal property owners and even N.C. Insurance Commissioner Wayne Goodwin, who recently told legislators if they didn’t act, many North Carolina consumers will not have insurance to rebuild after a Hurricane Hazel-type storm.
Of course, from a scientific perspective, it is clear that there are many areas of the coast that should not be rebuilt following the next hurricane — many areas that have suffered repeated losses. The state certainly should not be encouraging redevelopment in these areas by subsidizing the risk.
Tags: Asheville Citizen Times, catastrophic loss, coastal property owners, Cullowhee, hurricane damage, North Carolina, Opinion, property insurance, Western North Carolina
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