|
A bill aimed at providing relief to coastal homeowners facing rising
insurance premiums and cancellations headed to Gov. Mark Sanford's desk
Wednesday after getting final approval in the House.
"There are one of two ways to address coastal insurance," Sanford's
spokesman Joel Sawyer said. "One is through bills like this, that encourage
personal responsibility and market-based incentives aimed at getting more
insurers to do business in this state.
"The other is to try and do what Florida did … advocated a big government
solution that ends up driving insurers out and driving prices up. We're
pleased that the House and Senate agreed with the governor's approach."
The legislation requires insurance companies to give property owners 90 days
notice if their policies will not be renewed within hurricane season. A
60-day notice is required throughout the rest of the year, up from 30 days.
It also provides incentives such as tax credits for those who make their
homes more hurricane resistant and to companies that provide full coverage
to coastal residents.
The bill also makes permanent a recent wind-pool expansion, including parts
of James and Johns islands. It does not make permanent an additional
expansion that takes in parts of Mount Pleasant up to U.S. Highway 17.
|
My
Scribe