About Our Company South Carolina Wind and Hail Insurance Company Meet Our Board of Directors for 2022 South Carolina Wind and Hail Underwriting Association (SCWHUA) is the South Carolina market for residual property insurance. It offers coverage for wind and hail in the legislatively defined “Beach” region of the state’s coastline.
State legislation defines the geographic boundaries. Although its actual name is the South Carolina Wind and Hail Underwriting Association, the Wind Pool is a common nickname. It is an association of insurance firms that provides wind and hail property insurance to coastal residents and businesses that are unable to purchase it on the conventional insurance market.
In 1971, the South Carolina legislature mandated that the insurance sector offer wind and hail coverage to coastal homeowners and business owners. Due to their proximity to the ocean, some households and business owners could not acquire wind and hail coverage.
The Association has provided companies and individuals in the seaside region of the state with significant benefits. Who is in charge of the Wind Pool? Who may purchase through the Wind Pool? How do claims in the Wind Pool work? Shopping Comparisons Who are our operatives? What coverages does the plan offer? Does this imply that every property will be insured by the Wind Pool? How do I receive coverage or further information on the coastal region? Who is in charge of the Wind Pool? The Association is governed by a Board of Directors that serves as the organization’s governing body.
Eleven (11) insurance company representatives, two (2) coastal insurance agents, and four (4) consumer representatives make up the Board. The Plan is administered by a staff of insurance professionals that are independent of any one insurance provider.
All property and casualty insurance firms operating in the State are expected to contribute to the Plan’s funds and to share in any losses or profits. Who may purchase through the Wind Pool? The Association offers wind and hail coverage to nearly everyone in South Carolina’s coastal region, if your home is inside the protected boundary.
In the ordinary competitive insurance market, consumers may be able to get larger coverage at a lower price. Prior to applying for coverage under the Plan, it is strongly advised that applicants obtain insurance coverage on the regular market. The Association is a last-resort market.
How do claims in the Wind Pool work? If you are covered by the Association and suffer a loss, you should immediately notify your insurance agent. You should create a list of damaged or destroyed things, together with an estimate of their worth, and send it to the adjuster assigned to your loss. You must take reasonable precautions to prevent future damage to your property until the adjuster inspects the loss.
In general, a hurricane’s devastation is produced by one or both of two fundamental elements. The first is wind-related damage. The second is damage caused by water pressure. The high tides and storm surge that accompany a hurricane can be more catastrophic to many coastal dwellers than the wind damage.
- Please see your insurance agent or producer for further flood insurance information.
- Comparison Shopping Before acquiring an insurance from the Association, consumers are advised to shop around with other insurers.
- The Association is an insurer of “last resort.” It may be possible to find better insurance coverage in the normal, competitive market.
If insureds discover better coverage after joining the Plan, they are free to terminate their Association insurance without penalty. Who are our operatives? Statutorily, the Association has no agents, but all business must be conducted via an agent of your choosing.
- The association does not actively write or service policies for customers or insureds.
- Your broker (representative) in the Wind and Hail insurance transaction is the producer.
- The Association accepts applications from all South Carolina Department of Insurance-licensed insurance professionals.
- These persons are without authorized to represent the Association.
For instance, producers are prohibited from binding coverage, assigning claims to adjusters, adjusting claims, and determining coverage. What coverages does the plan offer? The Association provides a limited peril coverage that protects against losses caused by wind and hail.
For primary houses constructed after 1950, it is possible to receive replacement cost coverage. If a flood insurance is not in effect at the time of the damage, the claim will be processed on an actual cash value basis. The Association offers up to $1,300,000 in protection (structure, contents, loss of use, higher cost of building) for residences, mobile homes, and condominium units against personal hazards.
Up to $2.5 million can be covered for commercial hazards (structure, contents, loss of business income). Applicants must define the required limits and coverages. Every policy is written for only one year. Coverage must be renewed yearly by submitting a new application and paying the annual premium.
Does this imply that the Wind Pool will insure every piece of property? There are reasonable requirements that must be satisfied. For instance: The property cannot be situated above water. Especially the roof, the property must be in good shape. The property cannot be utilized for unlawful or immoral activities.
The property must be located inside the legally specified coastal zone. The site must adhere to the Southern Building Code, as well as federal flood building and zoning regulations. Every insurance issued is subject to an outside examination of the property.
Every year to five years, follow-up inspections are conducted. Coverage under the Plan is contingent upon the submission of a fully-completed application and full premium payment. New company coverage goes into effect sixteen days after submitting an application online. The application packet for rewriting policies must be filed online no later than seven days following the policy’s expiration date.
How do I receive coverage or further information on the coastal region? For assistance with property insurance, please contact your local insurance agent or producer.
Does South Carolina require insurance against wind and hail?
Is Wind and Hail Insurance Required in South Carolina? – There is no state minimum required under SC homeowners insurance rules, however your mortgage lender may demand wind and hail coverage. The Hartford provides a variety of coverages to meet the specific requirements of your property.
Under South Carolina tort law, auto liability insurance plans comprise three key components: bodily injury liability insurance, property damage liability insurance, and uninsured/underinsured motorist coverage. Your bodily injury liability insurance protects you from the claims of those who were harmed in an accident you caused.
- South Carolina mandates you to carry a minimum of $25,000 per person and $50,000 per accident for bodily injury coverage.
- Physical injury claims may include medical bills, lost pay, and pain and suffering.
- Property damage liability insurance covers any property damage you cause to others.
- This covers not just damage to other cars, but also damage to buildings, walls, fences, and equipment.
In South Carolina, the minimum limit for property damage in a single accident is $25,000. Uninsured motorist protection immediately protects the policyholder. This coverage covers for injuries and/or property damage caused by an uninsured or hit-and-run driver.
- South Carolina law mandates that you have uninsured motorist coverage in an amount equal to the minimum liability coverage (25/50/25).
- Typically, there is a $200 deductible.
- Similar to uninsured motorist coverage, underinsured motorist coverage compensates for your injuries or property damage if the at-fault driver does not have sufficient insurance to cover your losses or medical expenses.
In South Carolina, auto insurers must offer you underinsured motorist coverage, but you are not compelled to acquire it.
Does South Carolina ever experience hail?
Hail is a pervasive and dangerous kind of precipitation in South Carolina throughout the year.