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Coastal home insurance rates increasing

Coastal home insurance rates increasing

Coastal home insurance rates increasing
News from The State:

CHARLESTON — There’s no telling whether any of the six to 10 hurricanes forecast this year will hit coastal South Carolina, but this is certain: It’s going to cost more to insure homes against the potential danger.

The “wind pool” – the state’s insurer of last resort for coastal wind and hail insurance – will raise rates by an average of 9.8 percent.

“We had actually asked for more, 18.9 percent,” said Smitty Harrison, executive director of the S.C. Wind and Hail Underwriting Association.

The wind pool provides coverage as a fallback for property owners who can’t get private coverage, and insures more than $ 17 billion in property along the coast. Most barrier island residential properties are insured against wind damage through the pool.

The wind pool rate increase has been approved by the S.C. Department of Insurance, which also approved rate hikes for Stat…………… continues on The State

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