Reform Act Easing S.C. Coastal Insurance Woes

With the Omnibus Coastal Property Insurance Reform Act of 2007 being signed into law Monday by South Carolina Gov. Mark Sanford, it now offers grants and tax credits to state homeowners who are proactive in making their homes more wind resistant.

More details on the bill and the grant application process are highlighted in this June 12 article in The Sun News. In summary, the bill:

• Offers homeowners tax credits of up to $1,000 for the cost of making their home more wind resistant.
• Offers tax credits of up to $1,250 for low income property owners who pay more than 5 percent of their income toward insurance premiums.
• Reduces sales tax by 3 percent for building supplies used to make homes more wind resistant.
• Requires insurers to give consumers a list of all discounts they can get for retrofitting their property and requires them to offer such discounts.
• Requires insurers to give 90 days notice for cancellation in hurricane season, and 60 days notice for the rest of the year.
• Provides matching grants for single family, modular or manufactured homeowners to retrofit their properties. Homes must be owner occupied and be valued at $300,000 or less, and have undergone a wind certification and hurricane mitigation inspection.