South Carolina's beautiful coastal region has always been a prime location for homeowners looking to enjoy the stunning beaches and year-round sunny weather. However, this picturesque region has faced its share of natural disasters, including hurricanes, flooding, and severe storms, leading to a significant impact on the coastal home insurance market.

Over the past few years, South Carolina's coastal insurance market has undergone some significant changes. Let's take a closer look at the current state of the coastal home insurance market in South Carolina.

Home insurance is a necessary expense for any homeowner, as it provides protection for your home and personal belongings in the event of damage or loss. The cost of home insurance can vary depending on several factors, including the location and age of your home, as well as the amount of coverage you need.

One of the most crucial factors that determines the cost of home insurance is the location of your home. Homes located in areas prone to natural disasters, such as hurricanes or earthquakes, will typically have higher insurance rates than homes in more stable areas. Additionally, older homes may also have higher insurance rates, as they may be more susceptible to damage or wear and tear.

Homeowners insurance is a type of insurance that provides protection for your home and personal property in the event of damage or loss from certain perils, such as fire, windstorm, and theft. It also provides liability coverage in the event that someone is injured on your property and sues you.
When you're looking for home insurance, it's important to understand that there are different types of coverage available, such as dwelling coverage, which covers the structure of your home, and personal property coverage, which covers your personal possessions. You should also consider additional coverage options, such as flood insurance or umbrella insurance, depending on your specific needs and the risks in your area.

​If you live in a home or condo located in an HOA, loss assessment coverage is an optional add-on that covers you for the portion of damage to common areas you’re responsible for.

If you live in a shared community that has a condo or homeowners association (HOA), damage to shared spaces like the building, clubhouse, or pool area is covered by your HOA’s master policy, which is paid for by membership dues. That means if a shared space is damaged or a guest has an accident in a common area, your community’s HOA insurance will cover the loss up to its coverage limits. 
If the claim amount exceeds those limits, HOA bylaws usually require members to pay an equal share of the leftover loss amount. A loss assessment coverage endorsement is designed to cover these leftover costs so that you don’t have to foot the bill entirely out of your own pocket. You can easily add this endorsement to your condo or homeowners insurance policy.

2022 Insurance Company Insolvencies

We had an earlier blog post in May regarding the reason for rising insurance rates in the Lowcountry, and one among the many reasons was the number of insurance companies to be declared either Bankrupt or insolvent. So far this year alone we have seen Gulfstream Property and Casualty, St. Johns Insurance Company, Avatar Property and Casualty, Lighthouse Property Insurance Corp, Fed Nat and now Southern Fidelity have all either gone insolvent or are "restructuring".

Southern Fidelity has about 69,000 policies between the states of South Carolina, Louisian, and Mississippi and was declared insolvent last week.

Southern Fidelity Insurance agreed to an order of liquidation from the Florida Office of Insurance Regulation. As part of the liquidation order, ALL remaining active Southern Fidelity policies will be cancelled effective 12:01 a.m. on 07-15-2022.

As of this announcement, there is no indication another carrier will assume the current policies or offer a transition plan. All current Southern Fidelity policies will have to be replaced by 7-15-2022.

​Conclusion

Make sure you reach out to your agent to look for other options if this insolvency affects you to avoid a potential lapse in coverage, which would undoubtedly increase your premiums for some time into the future. Feel free to reach out to GSP Insurance Group if you need help looking for alternative options or have any questions 843.707.4473, email info@gspins.com or visit our website at www.gspins.com.

Introduction

We recently did an analysis of insurance rates across the Lowcountry, and we thought you might be interested in seeing the results.

Homeowners Insurance Rate Increases

The average increase in homeowner's insurance rates is 6% statewide, but it varies by county. In Charleston and other coastal areas such as Beaufort, Bluffton, and Hilton Head homeowners can expect to see higher than the statewide average increase. Some areas in the Lowcountry saw increases as high as 14%, while others (more inland) saw a decrease of up to 5%.

There have been several other contributing factors to rising Home Insurance costs in Coastal parts of the Lowcountry as several coastal insurers have gone insolvent, while others have pulled out of the market completely. Gulfstream Property and Casualty, St. Johns Insurance Company, Avatar Property and Casualty, and most recently Fed Nat have all either gone insolvent or are "restructuring". This leaves the Lowcountry and many other coastal areas with less options and many times higher than normal annual increases.


Car Insurance Rate Increases

This is a nationwide problem. Car insurance rates are rising across the country due to an increase in car accidents and a rise in the cost of repairing cars.
The increase in car insurance rates is also due to a rise in the cost of car parts for repairs, which are often needed after an accident.


A few other factors that affect all your insurance costs

Inflation Rate

Inflation is one of many culprits for rising insurance costs. However, there are a few ways to save money on your rates. One way is to shop around for new insurance companies. You should also consider getting quotes from a local independent agent who offers personalized service and competitive rates.
Finally, if you're interested in learning more about how to save on auto insurance or homeowners coverage, check out our other blog posts!

Credit Score

Credit score is based on your past history of paying bills on time and how much debt you have. If you have missed payments, this will affect your credit score and can make it more difficult for you to qualify for lower insurance rates. If your credit score is good, then chances are that you'll qualify for lower insurance premiums because the company knows that they're more likely to get paid back by someone with a good track record than someone who has been late in the past.


Conclusion

Don't despair as we have many options to help our clients find the best coverage for the best value. GSP Insurance Group works with 50+ carriers to find the best options for you. Give us a call today at 843.707.4473, email us at info@gspins.com or check out our website at www.gspins.com.

​IntroductionLife has lots of surprises—some good, some bad, and some downright disastrous. Whether you're a renter or a homeowner, the right insurance can help keep the bad ones from being tragic. Even if you live in the safest neighborhood in town or drive the most reliable car on the road, damage to a property and its contents can be devastating without adequate insurance coverage. The same goes for liability suits against you or your family as a result of bodily injuries to others or even damage to their property caused by an accident on your premises. In other words: Don't take chances with your home and auto insurance policies!
Save money by getting auto and home insurance quotes from several top companiesTo get the best deal, we recommend that you get quotes from several top companies. You can use our tool to see how much you’ll pay for car or home insurance in your state. We’ll connect you with major carriers so that you can compare rates and find the right fit for your needs.
There are many factors that affect how much it costs to insure a car or a home, including:

• The type of coverage you need (liability, comprehensive, collision)
• How much coverage protection do I need?

Compare the coverage and benefits of different policies to find the best one for your needs

• Compare the coverage and benefits of different policies to find the best one for your needs.
• Insurance companies offer different coverage options, including:
• Liability coverage that pays for injuries and property damage you cause to others in an accident.
• Collision coverage, which pays for damage to your car if you hit something or someone else hits you.
• Comprehensive coverage, which covers losses from events such as fire, theft and vandalism that aren't related to collisions with other vehicles or objects like trees when driving on roadways during normal use conditions (this is not available everywhere).
• Personal injury protection (PIP) or medical payments may be required in some states; these cover expenses associated with an injury sustained in a collision with another vehicle or object while driving on roadways during normal use conditions (this is not available everywhere). Some states require drivers who carry personal injury protection (PIP) coverage to also carry uninsured motorist bodily injury liability insurance so that they can recover compensation from responsible parties who don't have insurance policies themselves if injured by uninsured drivers in accidents caused by those drivers’ negligence—for example: “Joe hit Susie’s car while she was driving down Main Street last week because he wasn’t paying attention."

Save money by using our website to compare car and home insurance quotes onlineIf you are looking to save money on your car insurance, home insurance, or both, there is no better way than to use our website or call one of our agents. Our site allows consumers to compare car and home insurance quotes online from several top companies.
Using this tool is easy! Just enter your zip code and the details of your vehicle and/or home into the fields below. Then click "Get Quotes" button below. You will receive instant quotes from several different insurers that offer coverage in your area.
We also have a blog with useful information about auto and homeowners’ insurance as well as a tool that can help you find out if you qualify for any local discounts on these policies.

Conclusion:

Well, that’s it for this guide to home and car insurance comparison! We hope that you now have a better understanding of these two types of insurance policies, how they are different from each other, what they each cover, etc. By following the tips provided in this article you should be able to find an affordable policy that offers the right coverage for your needs!

You can reach us at or 843.707.4473 or 833.414.3040 or email us at info@gspins.com.

​GSP Insurance Group is headquartered in Bluffton, South Carolina (near Hilton Head & Beaufort) and serve clients in Georgia and South Carolina.