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The state Insurance Department is going on tour.
New Director of Insurance Scott Richardson will host a public forum in
Charleston on Monday evening as part of a four-stop visit to the coast. The
visit will mark Richardson's first public appearance in Charleston since he
took over as director last month.
He comes at a time when many home-owners from Myrtle Beach to Charleston to
Hilton Head Island have been dropped by their insurance companies or, at
best, have experienced rising premiums.
Richardson will address a public forum during which he will deliver his take
on how to fix the mounting consumer problems.
At a separate event Tuesday morning, staff from the Insurance Department
will meet one-on-one with residents who make an appointment to discuss their
individual insurance woes.
Richardson will appear at similar events in Myrtle Beach, Georgetown and
Hilton Head over a seven-day period beginning Thursday.
"We understand the frustrations of those living on or near the coast that
are facing affordability and availability issues," Richardson said Tuesday.
"We intend to address these points at our upcoming coastal meetings."
All four stops are expected to be well attended.
Since August of last year, four of the state's largest property insurers
have said they will not renew a total of nearly 20,000 homeowner policies
along the coast. Other policyholders have seen their premiums rise by 400
percent or more as insurance companies try to minimize their coastal
exposure and cover costs after taking heavy losses in the 2004 and 2005
tropical storm seasons.
Property owners have asked why the wind-pool territory, an area of the coast
where the state steps in as insurer of last resort for wind damage, is so
small and has not been expanded.
Since stepping into the hot seat, Richardson has said the answer lies in
"market-based reforms," such as consumer discounts and corporate tax breaks.
He also has said that he has not ruled out the possibility of expanding the
wind pool.
Getting a hearing
Homeowners with questions or complaints about insurance can get answers next
week.
Here's the schedule:
MONDAY: 5:30-7 p. m. in the Mark Clark Hall Buyer Auditorium at The Citadel
in downtown Charleston. Insurance Commissioner Scott Richardson hosts a
public forum.
TUESDAY: 8:30-10:30 a. m. at the Charleston Metro Chamber of Commerce on
Speissegger Drive in North Charleston.
Department of Insurance staffers will meet one-on-one to discuss homeowners'
complaints.
Appointments are required.
To schedule an appointment with an Insurance Department staffer, call 1-
800-768-3467.
Homeowners also should complete a South Carolina Coastal Issues Complaint
Form and return it to the Department of Insurance via mail, fax or e- mail
by 5 p. m. Monday.
To download the form or for more information, visit the department's Web
site at www.doi.sc.gov or call 1-800-768-3467.
The complaint form also will be available at about noon today at the
administrative offices of the cities of Charleston and North Charleston, the
towns of James Island and Mount Pleasant, and Charleston County Library
branches.
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