NC panel to study hurricanes' impact on insurance

RALEIGH, N.C. (AP) -- As hurricane season heats up, North Carolina lawmakers are looking at how the storms are affecting homeowners insurance.

Legislative leaders said Friday they formed a special panel to study how Category 3, 4 and 5 hurricanes can impact the cost and availability of property insurance for North Carolina residents.

House Speaker Joe Hackney said the committee's work will help lawmakers improve the state's current system.

In August, Farmers Insurance announced it's dropping 40,000 North Carolina homeowners' plans because it was concerned the company would be overexposed to financial risk if a hurricane caused significant property damage.

The group of insurance industry officials and lawmakers is expected to make recommendations to the General Assembly by February.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 28287064 - local8now.com/a?a=28287064