This public meeting may be of interest to Seabrook Point property owners.
The High Cost of Wind and Hail Insurance…Can Anything be Done??
Many of you have read a series of newspaper articles questioning the high price of Wind & Hail Insurance in South Carolina, reported to generate a profit margin of over 22% for insurance companies in the state…the highest in the nation. (Those of you who have attempted to communicate with SC W&H know that this is also a difficult organization to deal with.)
The National Hurricane Center (NHC) states the hurricane risk in the Gulf state of Mississippi is three times what it is here, yet one insurance company, widely used by Fripp residents, has quoted premium rates more than twice as high here as in Gulf Port for a comparable home. This doesn’t make much sense, as insurance rates should have some connection with risk.
Personally, in remodeling our Fripp home, we included a number of very expensive modern mitigation measures to reduce potential W&H damage, but the reduction in our W&H premiums was minimal.
(Furthermore, the fact that there is a “relatively low-risk” (according to NHC) of hurricanes here during the months that hurricane activity generally picks up elsewhere along the eastern seaboard, ought to be emphasized by SC to enhance tourism–as far as I understand, it is not.)
Fortunately, we have an unusual opportunity to meet with SC’s Insurance Director, Ray Farmer, and pose questions directly to him at a public meeting next week. SC Senator Tom Davis, who has been very active on the topic of high insurance costs, will also be present.
You’re all welcome to attend and participate, November 13th, 5:30 pm at the USCB New River Campus in Okatie. The meeting will be held in the Hargray Building, Room 156.
Thanks & regards,