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…
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Wind insurance program in South Carolina watches homeowners exit
This pool which is a coverage option of last resort, has been seeing its participants dwindle for 3 years. According to the South Carolina Wind and Hail Underwriting Association, the number of homeowners who have been leaving the state’s last resort wind insurance pool has been continuing over the last three years. The program is meant for homeowners who can’t obtain this coverage anywhere else. For some time, the special wind insurance pool program was the only option that many homeowners had available to them. However, this state backed coastal…
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