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Homeowners insurance rate hikes on way

Homeowners insurance rate hikes on way

Homeowners insurance rate hikes on way
News from Hilton Head Island Packet:

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CHARLESTON — There’s no telling if 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 potential damage.

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…………… continues on Hilton Head Island Packet
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