September 30, 2006
S.C. Requires A Few Insurance Lessons From N.C.
You know I’ve begun to believe in that funny saying about the crying baby getting the milk. In South Carolina, everyone seems to be worried about the rising insurance rates for businesses and condo owners along the coast. Nobody seems to give a thought to the poor individual homeowner who has also been subject to the same unwarranted increases or cancellations in homeowners insurance. And their situation is more precarious than businesses and condo owners.
Moreover, critics believe that the S.C. Department of Insurance is only a politically appointed group. It seems to have little clout regard the premiums paid by harried customers. One possible solution that was put forth by a harried citizen was that the S.C. Director of Insurance should meet with her counterpart in N.C. who has been on the job for 20 odd years. The reason should be quite obvious since N.C. has managed to retain its insurance rates at a considerably lower level than what consumers in S.C. pay. Myrtlebeachonline.com reports:
In South Carolina, insurance company cherry-picking to get high profit margins is allowed, as is either denying coverage or raising rates as much as 700 percent for homeowners, apparently with Kitzman's blessing.
Read more: State should stand firm in insurance crisis
--
Did you enjoy this post?
