What happens then? Programs that have purchased reinsurance, as North Carolina has done, will also have those funds available for claims. After that, the programs largely issue bonds, most of which are paid back with post-event assessments. In North Carolina, if losses exceed the claims-paying capacity of the program, all property insurance premiums in the state can be assessed up to 10 percent per year. Property insurers in the state can be assessed no more than $1 billion. The layered funding of North Carolina's program, combined with a decision in 2009 to lower coverage levels and raise prices, has led the state to estimate it could handle claims of up to $4 billion.