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Homeowners Leaving S.C.’s ‘Wind Pool’ Insurance Program

Homeowners Leaving S.C.’s ‘Wind Pool’ Insurance Program

Homeowners Leaving S.C.’s ‘Wind Pool’ Insurance Program
News from Insurance News Net:

By Tyrone Richardson, The Post and Courier, Charleston, S.C.
McClatchy-Tribune Information Services

June 22–For many years, Tom Jamieson didn’t have many options for coverage against wind and hail damage for his Isle of Palms home.

Reluctantly, Jamieson said, he continued to renew his policy with the S.C. Wind and Hail Underwriting Association, the state-chartered fallback for coastal homeowners unable to get coverage elsewhere.

That was until several weeks ago when Jamieson dropped out of the state’s “wind pool” for a policy with a private insurer, a move he said reduces cost and adds convenience.

“It was word-of-mouth that I learned about it,” he said. “I managed to combine it with my homeowners insurance, and one advantage is it gives me one company instead of dealing with two separate companies.”

Jamieson is among hundreds of Lowcountry property owners who have exited the wind pool in the last few years. The state program guarantees limited and expensive wind hazard coverage for homeowners and commercial property owners in two zones near the coast.

The state program had 40,625 policies and $ 89.5 million in premiums at the end of May, down 14 p…………… continues on Insurance News Net

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