North Carolina Insurance Commissioner Wayne Goodwin said today, just one week after the General Assembly passed reforms to the state’s coastal insurance plan, that the insurance company for AAA Carolinas will begin offering homeowners insurance throughout the state.
Goodwin said Jim McCafferty, president of The Members Insurance Co. owned by the auto club, AAA Carolinas, sent him a letter informing him the company would start writing in September.
McCafferty cited changes to the state insurer, the Beach Plan, as the key to the company entering the state. New legislation (HB 1305) includes a cap on the liability any insurer might be assessed in the event a major storm hits and the state plan runs out of money.
“I’m pleased that HB 1305 is working so quickly to bring competition and avoid an insurance availability crisis,” said Goodwin.