Add the director of the South Carolina Department of Insurance to the thousands of coastal homeowners who have lost property insurance since Hurricane Katrina.
Scott Richardson, who lives on Hilton Head Island, has been notified that his policy is being dropped.
Following Katrina two years ago, premiums rose substantially in hurricane-prone areas, and some insurers stopped writing coverage. Richardson now finds himself among those shopping for insurance. “I guess it just proves nobody’s immune. If I’m not immune, then nobody is,” said Richardson, who was appointed to head the insurance department in February.
Richardson may have to join the South Carolina Wind and Hail Underwriting Association, known as the wind pool. In July, the department announced rate increases averaging 35 percent.
“I might be in the wind pool before you know it,” Richardson said. “I get to try a little of my own medicine.”
Was this article valuable?
Here are more articles you may enjoy.
Large Commercial Property Rates Drop 14.5% in Q2 to Highlight Latest Willis Report 
Gronkowski Now Pitchman for eMaxx, a Reciprocal With a Different Playbook 
Hackers Breached Propulsion System of US-Bound Oil Tanker 
Two Past Hurricanes, OIR Data Give Idea of What to Expect From Isaias in Florida From This Issue
