The National Flood Insurance Program is working its way out of bankruptcy following Hurricanes Katrina and Sandy--but its plan involves sharp premium increases for coastal property owners. This population includes more than 17,000 North Carolinians--many of whom stand to have their flood insurance rates triple this year. Coastal community leaders are busy voicing their concern to federal and state legislators. To strengthen their argument at the federal level, leaders from communities such as Topsail Beach plan to band together across North and South Carolina’s coast.
Five candidates are running for two seats on the Wrightsville Beach Board of Aldermen this November. Of top concern to the town is impending legislation that would increase its home and business owners’ flood insurance rates. The two alderman hopefuls who attended last night’s beach town forum at WHQR are both campaigning on their mission to delay implementation of the Biggert-Waters Flood Insurance Reform Act. This federal law is meant to recover recent losses to FEMA’s Flood Insurance Program, and stands to significantly raise local insurance rates.