"But right now it's too early," Smith said of the cost of any property damage North Carolina saw from the recent hurricane. That's when any impacts from damages tied to Ian will likely appear in the rate bureau's proposed new rates, he added. "Customers won't see any type of increase until after that." "That increase is locked in until 2024," said Barry Smith, a spokesman and safety officer with the state insurance department. Rate Bureau had been seeking a 24.5% average rate increase. The latest round of talks, which took place this year, saw homeowner rates rise June 1 by an average of 7.9% statewide, with coastal areas seeing an increase of nearly 10%. When it comes to rates, insurance companies negotiate through their state trade group with the N.C. State insurance markets don't operate in a vacuum, but are linked − among other things − through companies that operate in multiple jurisdictions and impacts from the price of reinsurance, insurance for insurance companies to help insulate themselves from the risk of a major run on claims from their policyholders. "But the size of them is a little hard to predict." 'Locked in until 2024' "Indirect impacts will be felt here in North Carolina," said Don Hornstein, an administrative and insurance law expert with the University of North Carolina School of Law. Super storms: In a warming world, 'Cat 6' hurricanes could soon be coming to a coast near you Read this: Despite strong winds and flooding, Hurricane Ian spares most Cape Fear region beach businesses and homes The question is only when, and how much it will hit property owners in their pocketbooks. Unlike much of western and central Florida, which were pounded by Ian's record storm surge and rainfall a day earlier, North Carolina saw little impact from the hurricane.īut that doesn't mean the Tar Heel State won't be feeling the financial repercussions of the storm for years to come. Ian caused similar reports of relatively minor damage in central North Carolina, although it was responsible for five traffic-related fatalities, as the tropical system took a northerly track through South Carolina and North Carolina and into Virginia. Signs of the weakening hurricane were few and far between in Southeastern North Carolina − largely divided between downed trees and vegetation and isolated power outages. The rising waters also caused Sunset Beach to close the bridge linking the barrier island to the mainland due to overwashing of the causeway.īut a few hours later, the storm and the floodwaters were largely gone. mainland, waves fueled by high tide and Ian's storm surge had already overtopped bulkheads in Southport and sent ocean water cascading onto beach town roads from Pleasure Island in New Hanover County to Ocean Isle Beach in Brunswick County. 30, making its second landfall on the U.S. Watch Video: Drone shows Fort Myers Beach damage with homes and businesses wiped awayīy the time Hurricane Ian barreled into northeastern South Carolina the afternoon of Sept.
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