Homes sit in floodwater in a subdivision west of the Ashley River in Charleston, S.C., on Monday, Oct. 5, 2015. (AP Photo/Mic Smith)
South Carolina Governor Henry McMaster has signed the South Carolina Private Flood Insurance Act into law. The aim of the legislation is to foster innovative flood insurance coverage in the state and allow insurers to test products in the market, and offer more choices for flood insurance coverage to consumers.
The main provisions contained in the Act include identifying various forms of private flood insurance available, streamline regulatory oversight of forms and rates for private flood coverage, allowing flexibility in underwriting, and requiring 45 days' notice before a private flood insurance policy is canceled or nonrenewed.
Ray Farmer, the director of the South Carolina Department of Insurance, commented that there are very few flood insurance options available to South Carolinians.
"Currently, our consumers have very few options for purchasing flood insurance. While we are glad the National Flood Insurance Program (NFIP) exists to offer coverage, we realize that NFIP coverage may not work for every property owner," Farmer said in a statement.
"This is a chance to increase availability, which we believe will lead to competitive pricing and more options to meet consumers' specifics need."
The Act will become effective on November 28, 2020.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.