HOMEOWNER INSURANCE SURCHARGE & DEDUCTIBLE INCREASE BLOCKED
Good News! We received an e-mail last night indicating that a stay has been granted on the Beach Plan surcharge increases and deductibles that were approved on November 21, 2008!
On March 20th, Wake County Superior Court Judge William R. Pittman granted a Motion to Stay the November 21,2008 increases in homeowners’ insurance deductibles and surcharges under the Beach and FAIR Plans.
In the Judge’s order, he noted on that there is no finding by the Commissioner of Insurance in the record provided to the court that the existing rates are inadequate or not in the public interest. The Judge further stated – ”It does not appear from the available record that the Commissioner of Insurance acted according to law.”
It is our understanding that this order does not affect the rate increases that become effective May 1, 2009.
This is a complex issue, and we are not sure what the next step will be. Please contact us at hranicka@hatterasisland.com if you would like a copy of the judge’s order.