Introducing Legislation to Preserve Coastal Waters
North Carolina’s Seventh District is fortunate to have some of the most beautiful beaches in the country, which provide significant recreational and economic benefits for our coastal communities.
To keep our coastal recreational waters clean and safe for all who live and vacation in Southeastern North Carolina, I joined some of my colleagues in introducing the bipartisan Beaches Environmental Assessment and Coastal Health (BEACH) Act. The funding provided through this bill helps state and local governments test, monitor, and identify contamination in recreational waters. Read more here.
NC Department of Insurance Rejects Astronomical Increases in Homeowners' Insurance Rates
As you may know, on January 5th, NC Insurance Commissioner Mike Causey announced the North Carolina Rate Bureau requested a proposed increase in homeowner insurance rates by an average of 42.2% statewide, with coastal counties potentially facing an increase of more than 99%.
This past week, Commissioner Mike Causey rejected the Bureau’s proposed statewide increase in homeowners' insurance rates. This came as good news to everyone in North Carolina, including my colleagues and I who urged him to reject the Bureau’s proposed increases.
While everything costs more today due to the rampant inflation of the past few years, including the repair and rebuilding of homes due to storm damage, arbitrary astronomical increases in insurance rates (such as a 99% increase on the coast) are out of bounds. Such increases would negatively impact everyone who owns a home and make homeownership impossible for many.
An evidentiary hearing will commence October 7 where this will be further deliberated and a new rate set, but subject to appeal. Or a new rate could be set beforehand if a settlement is reached, which has been the course of action a number of times in previous years.