Grand Strand ~ Insurance companies pass on increases to consumers

The rates for reinsurance along the Grand Strand have skyrocketed, and insurers say they are passing that on.

Factors affecting Grand Strand rates include the building material of structures and the rise in property values. Condominiums built of wood have higher premiums, insurance agents say, because they are especially vulnerable to wind damage.

• Allstate is raising premiums, changing deductibles, limiting new business and stopping renewals in certain markets to make sure it can protect its existing customers.

• Allstate also has stopped writing new commercial policies on condo associations in the S.C. coastal market.

• Nationwide says it is still writing condo association policies in South Carolina and hasn’t raised insurance premium rates for condo associations.

• Farm Bureau is requiring higher deductibles along the coast and excluding wind coverage where it can be written through the wind pool - a carrier of last resort run through state government.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC