The House Finance Committee on Thursday approved a complex, multi-level patch on the Beach Plan, a vital insurance provider for homes in 18 coastal counties.

The Beach Plan has promised insurance coverage to properties valued at nearly $74 billion, but its resources top out at about $2.4 billion. Beyond that, the reform bill would turn to all of the state’s property owners to pay claims.

Lawmakers are considering capping how much insurers would be assessed after a bad hurricane and shifting the remaining rebuilding costs to all North Carolina policyholders.

And it’s from the United States Government.

No, really.

The Federal Trade Commission has recently issued a helpful guide that helps new buyers or sellers with some frequently asked questions concerning real estate. Titled Selling Your Home? Tips for Selecting a Real Estate Professional, the guide focuses on the proper amount you should expect to pay for a real estate commission, the ins and outs of contracts as well as business models.

While the guide is a bit slim, weighing in at only four pages, it does come with some useful info. Under the section about commissions, the guide explains that while six percent is the industry standard, it is negotiable, and if your real estate agent tells you there is a local or federal law on the books that says the commission must stay at that rate, they are lying and it’s probably a good sign to find a different broker who will be honest with you.

The guide goes on to encourage prospective clients to try to negotiate for a lower commission, since the broker needs your business just as much as you need theirs.

In the next section, the guide explains the difference between full-service real estate brokers, and discount brokers and emphasizes that if you go with a discount broker, you may have to do more of the leg work yourself. The guide also says that while a full-service agent usually provides all needed services for one flat rate, the discount broker is more likely to have an “a la carte” approach, where for each additional bit of help, there is an additional cost.

The guide goes on to provide advice on negotiating contracts in your favor and not the banks, as well as info on hiring a trustworthy real estate broker.

While taking advice from the federal government on, say, invading Iraq may not be a good idea, this pamphlet may end up being a godsend for those needing basic real estate advice. The pamphlet can be picked up at the FTC’s website ftc.gov/credit.

This decision is consistent with their recognition of the uniqueness of the Independent Agency system and the need to provide products, processes and systems that match up with the way Independent Agents do business.

All products currently available under the Farmers brand will be re-branded to the Foremost name and will benefit from a single brand for all Independent Agency products including Auto, Home, Personal Specialty, Non-Standard Auto and Commercial lines.

Foremost has been known in North Carolina for some time as a mobile home expert but will now be able to offer all the Farmers products under the Foremost name.

Benji