Homeowners insurance providers face serious challenges in South Carolina

Flood homeowners Insurance Program

Hurricane Joaquin has become one of the worst disasters South Carolina has ever seen Hurricane Joaquin is making its way to the United States, and this has raised some concerns among homeowners insurance providers, especially in South Carolina. The powerful storm has already brought about significant damage to the state though it has yet to make landfall. According to Governor Nikki Haley, the heavy rainfall caused by the storm is considered a “thousand-year” event. Insurers have issued concerns regarding such events, with some suggesting that these rare catastrophes may soon…

Read More

South Carolina floods could hit the state’s homeowners insurance providers

flood insurance news

State’s insurance industry to take a financial blow due to heavy rainfall and rising waters Insurers in South Carolina are bracing for the impact of flood-related claims as the state becomes inundated with heavy rainfall from powerful storms. According to the South Carolina Department of Insurance, companies providing homeowners insurance and coverage for businesses are expecting to be hit by major financial losses due to recent weather-related issues. The majority of claims are expected to comes from those with damaged properties and vehicles, which has been caused by significant floods.…

Read More

Consumers begin pulling out of South Carolina homeowners insurance program

homeowners insurance

Insurance program is experiencing an exodus of policyholders Homeowners are beginning to pull out of South Carolina’s wind pool insurance program. The program exists as a last-resort option for those seeking insurance coverage in the state. The program is primary meant to provide coverage to properties that exists along the state’s coastlines, where wind damage is somewhat common. Many insurance companies in the private market do not offer wind protection alongside their homeowners insurance policies, which has made the state’s insurance program relatively popular, until very recently. Population of state’s…

Read More

Homeowners insurance tax credit becoming better recognized in South Carolina

homeowners mortgage insurance credit score

Residents of the state are increasing their awareness and are taking advantage of it at an increasing rate. According to recent news data, the number of people who are taking advantage of a tax credit for homeowners insurance purchased for hurricane and flood coverage is on its way up in South Carolina. The state tax credit is currently available for an amount of up to $1,250 per property owner. The latest data has shown that the number of homeowners insurance customers who are taking advantage of this tax credit in…

Read More

Homeowners insurance in South Carolina could see premiums reduction

Homeowners Insurance

A new bill would introduce considerable reform to the property owners of the state. A legislator in South Carolina has taken the first shot at implementing major changes to the homeowners insurance system in the state for the first time in six years, with the goal of bringing down the cost of the coverage. The proposed bill would offer coastal insurers with tax credits and provide consumers with improved comparison shopping. This homeowners insurance bill was introduced by state Senator Tom Davis (R-Beaufort) and will open the debate regarding a…

Read More