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BOC hears report on property insurance issues in coastal counties
February 04, 2010 At their regular monthly meeting Monday (2-1-10) the Beaufort County Board of Commissioners heard a report from Tommy Thompson, Director of Economic Development, and a leader in NC 20. The report focused on the problem of property insurance in coastal counties including Beaufort County.
Many Beaufort County residents have recently seen a major increase in their property insurance rates and some insurance companies have stopped offering such coverage in Eastern North Carolina. The matter became a hot issue in the last session of the General Assembly.
Property insurance rates are regulated by the N. C. Department of Insurance. It is a highly regulated industry and the issue here is whether people in coastal counties should have to pay more than inland counties pay and if so how much more.
The presentation at Monday's meeting was very informative and if you own property in a coastal county or intend to do so some time in the future you will want to become informed about the issues.
Thompson's presentation is divided into two video segments because of the length of the presentation. Both parts are included here.
The essence of the report to the Commissioners was that the coastal counties need organize to have an active presence at the regulatory level and the legislative level in Raleigh. He did not make a specific request or peoposal to the Commissioners but we might anticipate that down the road. It is an issue that is likely to remain "on the front burner" for some time to come. You will want to become informed, and this presentation is a good part of so being informed.
