Insurance On 9/28 the Bft Gazette carried an article, “House votes to expand national flood insurance.” It said that the decision would add wind damage protection to the federal program. It stated that the 263-146 vote was bi-partisan, as 218 Democrats and 45 Republicans voted for the bill despite a White House veto threat. It is thought that this may help restore the economy to the Gulf region (could ultimately benefit SC too) by staving off lengthy insurance disputes. “The Flood Insurance Reform and Modernization Act of 2007 would enable policyholders in the flood insurance program to purchase wind policies, as well as making revisions in the overall program. (Private)Insurers oppose the bill.” Of course there are pros and cons. However, it stated that “the need for a federal wind provision came down to insurers’ refusals in many cases to recognize damage caused by wind.” It gave the example of winds that blew the roofs off houses & then the storm surge caused flooding.... But, the insurance companies said the losses were due to flooding, which the federal Gvt covers.
From the Charleston Post and Courier we learn that our State wind pool rates increased by 35% on 10/1 for Coastal property owners whose homes are insured thru them (as vs. private carriers). This increase could have been worse since the association requested a 65% increase but the Dept of Ins. approved only 35% this summer. Under a tiered rating system, those customers closer to the coast, in what is know as Zone 1, will pay more than those father inland in Zone 2.
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