What is the primary aim of the Coastal Property Insurance Pool in North Carolina?

The primary aim of the Coastal Property Insurance Pool in North Carolina is to promote orderly growth and development in coastal areas. This program was established to address the unique risks associated with properties located in coastal regions, particularly due to the heightened vulnerability to natural disasters such as hurricanes and flooding.

By facilitating access to insurance coverage for these properties, the pool helps to ensure that homeowners and businesses can protect their investments while encouraging economic stability and responsible development in coastal regions. The pool serves as a mechanism for providing necessary coverage when private insurers may be reluctant to offer policies due to the high risks, thereby playing a crucial role in maintaining the insurance market in coastal areas of North Carolina.

This focus on orderly growth and development leads to a more sustainable approach to managing coastal risks, contrasting with options that may imply a broader, less focused approach to insurance pricing or coverage.